₦airaland Forum

The Naira fell sharply on Monday, closing at N1,629.00/$1 in the official Foreign Exchange Market.

This is according to the latest data published by the Central Bank of Nigeria (CBN).

This represents a notable depreciation from N1,600.00/$1 on Friday and N1,569.00/$1 on Thursday, highlighting increasing pressure on the domestic currency despite recent efforts by the CBN to stabilize the forex market.

In the parallel market, or black market, the naira traded more favorably.

Sources told Nairametrics that the currency exchanged at N1,555/$1 on Monday, slightly stronger than the N1,560/$1 observed on Friday.

A Bureau De Change (BDC) operator in Wuse Zone 4, Abuja, confirmed the Monday rate, noting a slight improvement in dollar availability compared to the previous week.

CBN Steps Up FX Market Interventions
In response to the continued depreciation, Nairametrics gathered that the CBN sold an estimated $200 million at various official exchange rates on Monday.

This move followed an earlier $197 million intervention on Friday and a cumulative $124 million disbursed last week.

These back-to-back interventions indicate a more aggressive approach by the apex bank in attempting to curb speculative activity and ease demand pressures in the FX market.

“The central bank’s actions suggest it is committed to defending the naira amid rising demand, but the impact has been limited so far due to broader macroeconomic and liquidity constraints,” a currency analyst familiar with the development told Nairametrics.

Equities Market Tumbles in Tandem
In a related economic development, the Nigerian stock market witnessed a significant pullback on Monday.

The Nigerian All-Share Index (NGX ASI) plummeted by 1,295.02 points to close at 104,216.87, a 1.23% decline from the previous session’s 105,511.89. This marks the steepest daily loss since mid-January, when the index dropped by 1,526.1 points.

The downturn was driven by broad-based losses across key equities, with at least four companies recording 10.00% drops in their share prices. Despite the bearish sentiment, the total trading volume increased significantly to 444.1 million shares, up from 348.1 million shares in the prior session.

However, investor confidence appeared to wane, as total market capitalization dipped below the N66 trillion mark, ending at N65.4 trillion across 15,690 transactions, compared to N66.1 trillion in the previous session.

The continued slide of the naira at the official market, despite heightened CBN interventions, signals persistent challenges in Nigeria’s FX liquidity and structural demand-supply mismatch. While the black market has shown slightly more stability, the disparity between both markets remains a concern for investors and import-dependent businesses.

malali:
Its going to get to 2000 naira.

Even the people we borrow loans from their house is on fire with tariffs.

Tinubu has no plan on how to generate revenue, he is only borrowing and allocating to non-revenue generating projects.

Agbegbaorogboye:
These people are very clueless. The only thing they can do well is loot and lie.

Ordinary to defend Naira with reserves they can't do successfully.

Next thing they'll declare increased allocation to deceive their zombies when it's obvious they are just turning the naira to worse than tissue paper!

CodeTemplarr:
lol @ the bold.
I have co-criers now.

Mariangeles:
At this point, all we pray for is stability. 🥺
Make we use that one hold body first.

malali:
I gave him time to see his "performance"
All that Tinubu developed Lagos is a scam
This man has no revenue generation Ideas on a national scale.
Tinubu has not successfully implemented a national revenue generating project in Nigeria.
Nothing good will come out of this regime.
They are here to borrow and allocate contracts.
No revenue generation mindset.

PresidObi:
It's a lie

The Chicago trained 1st class economist wont allow that to happen. Do you know that this man single handedly built Lagos, he was the chief financial officer of Mobil and Shell at the same time

mrvitalis:
I have never seen people so stubborn in their ignorance as APC and their supporters since 2015 doing same thing and expecting different results

If you look at trade balance of Nigeria since 2015 it's been almost balanced since ... So why is the naira still falling

The answer is debt servicing, FB is the biggest buyer of dollars to use to pay debt

Yet they keep borrowing to build what can't bring revenue same circle ... Yet loudest in defending rubbish


If a government comes and implement my borrowing to invest in the people and the economy tank.. I would never talk about economics or economy again because my theory or school of thought have been disproved

But APC? Nah they would tell u why urs is wrong when they haven't tried it

CodeTemplarr:
so even if it reaches N3000 a dollar stability is all you want? I prefer it to fluctuate between N1400 - N1700 than to stabilise above N1700. The urge to look competent by selling scarce forex below the going rate is what is killing broda Yekini's meagre effort here.

Mariangeles:
At this point, all we pray for is stability. 🥺
Make we use that one hold body first.

malali:
Its going to get to 2000 naira.

Even the people we borrow loans from their house is on fire with tariffs.

Tinubu has no plan on how to generate revenue, he is only borrowing and allocating to non-revenue generating projects.

Agbegbaorogboye:
These people are very clueless. The only thing they can do well is loot and lie.

Ordinary to defend Naira with reserves they can't do successfully.

Next thing they'll declare increased allocation to deceive their zombies when it's obvious they are just turning the naira to worse than tissue paper!

CodeTemplarr:
I was allocated villages in Abia(by Agbadorianists) and Osun(by Obidients) simultaneously when i cried here about his cluelessness in growing the system or strengthening it. Economy is about productivity and not activity. Even God in all wisdom taxed growth(tithe) and not existence(offering).

PresidObi:
It's a lie

The Chicago trained 1st class economist wont allow that to happen. Do you know that this man single handedly built Lagos, he was the chief financial officer of Mobil and Shell at the same time

malali:
It’s painfully obvious at this point — the man looks completely overwhelmed and totally out of his depth.

Every day, it’s the same pattern — Ministers and appointees holding press conferences, not to announce innovation or revenue strategies, but to outline new ways to spend budget allocations like kids in a candy store.

Not a single one of them has a credible track record of generating revenue or building sustainable wealth — not in business, not in governance, not even in agriculture.

It’s been 2 years already.

By now, serious countries would have scaled up agricultural exports, built processing hubs, or opened new foreign markets for local products.

But in Nigeria?
We are still recycling speeches and launching empty committees while debt piles up like dirty laundry.

This isn’t governance.
This is expensive trial-and-error — funded by loans our unborn grandchildren will be forced to repay.

CodeTemplarr:
The least i expected broda Yekini to do after power was handed to him was to invest in agric. Things like cocoa n coffee n the rest that are time tested to bring revenue. These thing can even settle the humongous debts he has incurred if done well. Local processing of raw materials too. He was busy taxing us to build tolled roads. Gave governors more cash to loot and build airports/flyovers. How much can those things generate? Can they pay back their cost in 100 years even if successfully tolled?

Buhari's own is still there o. The rail syatem dont generate 10% of their running cost.

malali:

Even their so-called agricultural initiatives seem more like elaborate schemes to access capital allocations and hand out inflated contracts to cronies.

There’s been zero real growth felt in the agriculture sector — food prices are higher now than when he took office.

And ironically, no administration in recent history has thrown as much money at agriculture as Tinubu’s government.

So the question is simple — where exactly is all this money going?

Because it’s definitely not reaching the farms or the average Nigerian’s table.