Naira weakens at official market, reversing prior gain

The Nigerian naira weakened against the U.S. dollar at the official foreign exchange window on Tuesday, September 16, 2026, reversing a marginal gain from the previous session. Data from the Central Bank of Nigeria showed the currency closed at N1,329.15 to the dollar, representing a day-on-day depreciation of N2.85 from Monday's rate of N1,326.30. The decline at the official market contrasted with stability in the parallel market, where the naira held steady at N1,390 to the dollar on both Monday and Tuesday. This divergence underscores persistent liquidity pressures and a significant gap between official and informal pricing, with the parallel market rate remaining about N61 higher than the official rate. Monday's session had seen the naira appreciate by 22 kobo, or 0.02 percent, at the official market, closing at N1,326.30 compared with N1,326.52 at the end of the previous trading week. The latest move suggests the naira's performance may reflect routine volatility rather than a structural shift. The softening at the official window occurred despite a continued buildup in Nigeria's external reserves, which stood at $54.