The Naira weakened by approximately 2.48 per cent during the early hours of Tuesday’s trading session, according to data from the Nigerian Foreign Exchange Market (NFEM).
The Dollar was quoted at an opening average of ₦1,388.38, representing a decline of ₦34.48 compared to the ₦1,353.90 recorded at the close of the previous week.
This follows the Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System (EFEMS), despite the recent stability in intraday volatility, which saw rates reach as high as ₦1,395.00 before moderating.
The sudden spike in demand is linked to a combination of end-of-quarter corporate requirements and a temporary dip in autonomous inflows, per market analysts.
Current market volatility coincides with a slight decline in Nigeria’s external reserves, which reached a 13-year high of $50.45 billion in February 2026.
Figures from the apex bank show reserves have moderated to $49.78 billion as of mid-March.
With Bonny Light trading above $100 per barrel, internal production constraints and crude-backed obligations continue to limit the pace at which these high prices translate into immediate foreign exchange liquidity.
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Furthermore, the decline is attributed to sustained outflows and heightened geopolitical tensions in the Middle East, which have impacted global financial flows.
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