The naira extended its losing streak at the official foreign exchange window on Tuesday, closing at N1,390 to the dollar and marking nearly two weeks of steady decline.
Figures published by the Central Bank of Nigeria show the currency has weakened consistently since mid February, slipping from N1,337 on February 17 through successive daily losses to its latest level.
The movement highlights persistent demand pressure in the formal market and limited short-term dollar liquidity.
Market watchers say the downward trend has been gradual but firm, with rates adjusting almost daily as importers and other end users compete for available foreign exchange.
The slide also comes against the backdrop of a stronger United States dollar globally, as investors respond to geopolitical tensions and reposition toward safe-haven assets.
The News Chronicle understands that while Nigeria’s external reserves have improved significantly, immediate liquidity in the spot market remains tight.
The apex bank recently disclosed that net reserves rose to 34.80 billion dollars at the end of 2025, with gross reserves climbing further in early 2026.
Analysts, however, note that reserves alone do not automatically translate into smoother day-to-day supply.
The CBN projects reserves could rise further this year on the back of stronger oil earnings, but traders say capital inflows and consistent market intervention will be key to stabilising the naira in the near term.
