Naira Weakens to N1,387/$ as Reserves Decline

The naira weakened slightly to N1,387 per dollar, compared to N1,386.75/$ recorded in the previous trading session, according to data from the Central Bank of Nigeria.

The marginal depreciation comes amid a continued decline in external reserves, which fell to $49.29 billion by the end of March.

Market activity showed a turnover of $30.95 million across 44 deals, reflecting moderate trading levels in the official window.

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Intra-day trading ranged between N1,385.5/$ and N1,388/$, with an average rate of N1,386.69/$.

Nigeria’s reserves declined steadily from $50.03 billion recorded earlier in the month, representing a drop of about $547 million over the period.

The movement highlights persistent, though controlled, pressure on the naira, alongside a gradual drawdown in external buffers.

The currency’s performance reflects ongoing foreign exchange reforms, which have introduced a more market-driven system. While the reforms have improved transparency and reduced gaps between official and parallel market rates, they have also exposed the naira to periodic volatility.

Globally, currency markets remained relatively stable, with the dollar holding steady, while the euro, yen, and sterling recorded slight gains.