Naira weakens to N1,383.5/$ as external reserves drop to $49.6 billion

The Nigerian Naira weakened slightly to N1,383.5/$ on Tuesday, compared to N1,383/$ recorded the previous day, as declining external reserves and cautious global market sentiment continue to weigh on the currency.

Data from the Central Bank of Nigeria showed the naira traded within a range of N1,372/$ to N1,389/$ during the session.

 

The marginal depreciation reflects ongoing pressure in the foreign exchange market, driven largely by a steady decline in Nigeria’s external reserves.

Market activity indicated moderate liquidity, with stable but cautious trading conditions in the Nigerian Foreign Exchange Market. The naira recorded an average exchange rate of N1,381.86/$ during Tuesday’s session.

Total interbank turnover stood at $83.44 million across 88 deals, suggesting steady participation despite prevailing uncertainties.

Nigeria’s external reserves dropped to $49.6 billion as of March 23, 2026, down from $49.8 billion recorded a few days earlier. The decline highlights continued pressure on the country’s foreign exchange buffers.