Naira records highest fall against dollar in weeks

The Nigerian naira recorded its steepest depreciation against the U.S. dollar on Friday, marking its worst performance at the official foreign exchange window since May 27, 2025.

According to data from the Central Bank of Nigeria (CBN), the naira weakened to ₦1,549.35 per dollar at the official market, down from ₦1,539.72 on Wednesday, June 11. The decline followed Thursday’s Democracy Day public holiday and represents a loss of ₦9.63 in just one trading session.

In contrast, the local currency showed a marginal gain on the parallel market. A Bureau De Change operator in Wuse Zone 4, Abuja, Alhassan Abubakar, told DAILY POST that the naira appreciated slightly, trading at ₦1,606 per dollar on Friday, compared to ₦1,607 earlier in the week.

The divergent performance across market segments highlights mixed sentiments surrounding the naira’s value. This follows several weeks of relative stability and appreciation in both the official and black markets.

The currency market development coincided with a spike in global crude oil prices. Brent crude rose to $75.15 per barrel, while West Texas Intermediate (WTI) crude climbed to $74 per barrel. The rise in oil prices has renewed concerns over a possible increase in the domestic pump price of Premium Motor Spirit (PMS), also known as petrol.