At the black market, the Naira fell by ₦5, closing at ₦1,490 per dollar, compared to ₦1,485 the previous day. At GTBank’s forex counter, however, it recorded a slight gain of ₦1, trading at ₦1,427 per dollar.

In the official market (NAFEM), the currency also weakened, dropping by ₦3.45 to ₦1,423.17 per dollar, down from ₦1,419.72.

The Naira also lost ground against other major currencies:

-British Pound: Fell to ₦1,912.03/£1

-Euro: Slipped slightly to ₦1,658.13/€1

Market analysts say the decline was driven by a shortage of foreign currency supply, following a period when liquidity had improved.

Despite the recent weakness, investment firm AIICO Capital believes the Naira could trade between ₦1,350 and ₦1,400 per dollar in 2026, noting that the currency was significantly undervalued last year. According to the firm, reforms by the Central Bank of Nigeria and improved foreign investment inflows are helping, although risks remain.

Key concerns include:

-Weak global oil prices

-Ongoing FX liquidity challenges

-Possible pressure for further currency adjustments

-A weaker Naira can make imports more expensive, pushing up prices of fuel, food, electronics, and foreign services.

-Travel, school fees abroad, and online subscriptions priced in foreign currency may cost more.

-If CBN reforms succeed and FX inflows improve, the pressure on the Naira could ease later in the year.

Cryptocurrencies were mixed as investors reacted to uncertain US economic data:

-Bitcoin edged up slightly to $90,520

-Binance Coin gained 1.2%

-Other major tokens like Ethereum, Solana, XRP, and Cardano posted small losses

Overall, the FX market remains fragile, and how the Naira performs in the coming weeks will depend heavily on foreign currency supply, oil revenues, and policy direction.