Abuja, Nigeria – The Nigerian naira weakened to N1,425 per dollar on Monday, slipping from N1,398 recorded on Friday. The decline marks the currency’s weakest closing level since January 12, 2026, as volatility in global oil prices and movements in the United States dollar continue to influence currency markets.
Okay News reports that data published on the Central Bank of Nigeria website confirmed the latest exchange rate. The decline reflects sustained pressure on the local currency amid global financial uncertainty and shifting investor sentiment.
The naira depreciated from N1,398 on Friday to N1,425 on Monday. Market data shows the currency traded around N1,337 on February 17, before gradually weakening in subsequent sessions.
Last week, the naira recorded only one day of appreciation, strengthening slightly to N1,382 on Wednesday from N1,390 on Tuesday, before resuming its downward trend. The sustained depreciation highlights the currency’s sensitivity to shifts in global financial markets and commodity prices, particularly crude oil.
Global markets have been reacting to geopolitical tensions in the Middle East and shifting expectations around the strength of the United States dollar. The uncertainty has contributed to fluctuating oil prices and currency movements.
In international markets, the United States dollar traded at 157.73 yen and $1.1632 per euro during early Asian trading on Tuesday. The dollar had retreated from highs reached a day earlier following comments by President Donald Trump.
Trump suggested that military operations against Iran were nearing completion and progressing faster than initially expected. Iran’s Revolutionary Guards dismissed the claims as nonsense, but the remarks appeared to calm fears of immediate escalation that could disrupt global oil supplies.
The mixed signals prompted many investors to adopt a wait-and-see approach, easing earlier concerns about a sharp spike in energy prices.
The Central Bank of Nigeria says the country’s improving external reserve position could help cushion the naira against prolonged pressure. Nigeria’s net foreign exchange reserves rose to $34.80 billion at the end of 2025, reflecting improved external liquidity.
The country’s gross external reserves climbed to $50.45 billion as of February 2026, supported by stronger oil earnings and increased foreign inflows. Governor Olayemi Cardoso said ongoing monetary and foreign-exchange reforms aim to strengthen market confidence and improve liquidity.
According to projections in the Central Bank 2026 Macroeconomic Outlook, Nigeria’s external reserves could rise further to $51.04 billion in 2026, supported largely by higher oil revenues.
