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Naira crashes massively against dollar in weeks
The Nigerian naira on Friday posted its steepest decline against the U.S. dollar in over two weeks, marking its weakest performance at the official foreign exchange window since May 27, 2025.
According to data from the Central Bank of Nigeria (CBN), the naira fell to N1,549.35 per dollar on Friday, a drop of N9.63 from the N1,539.72 recorded on Wednesday, June 11, the last trading day before Thursday’s Democracy Day holiday.
In contrast, the currency experienced a marginal gain in the parallel market. A Bureau De Change operator in Wuse Zone 4, Abuja, Alhasan Abubakar, sid that the naira appreciated slightly by N1, trading at N1,606 to the dollar, compared to N1,607 earlier in the week.
The naira’s mixed performance across both markets comes after a period of modest gains and reflects ongoing volatility in the forex landscape.
This development also coincides with a rise in global crude oil prices, as Brent crude climbed to $75.15 per barrel and West Texas Intermediate (WTI) to $74.
The uptick in oil prices has reignited concerns over a potential increase in the pump price of Premium Motor Spirit (PMS) in Nigeria.
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