The Naira, on Thursday, depreciated by N25 in a single trading session at the black market as renewed demand pressure for dollars returned to the unofficial window.
Data obtained from street traders and online foreign exchange monitoring platforms showed that the Naira traded between N1,410 and N1,420 across various parallel market hubs nationwide.
Market participants said the recent moderation in the exchange rate was largely influenced by the apex bank’s intervention in the market. According to traders, the CBN has been actively buying dollars from the market to slow the pace of appreciation and prevent sharp movements that could trigger speculative trading.
“CBN is the one mopping up the dollar because it was appreciating too fast. They’re buying it from the market,” a trader said, noting that the intervention appeared designed to keep the currency within a manageable range and limit volatility on the upside.
Analysts at the Financial Markets Dealers Association (FMDA) also noted that despite the Central Bank’s late-month foreign exchange purchases aimed at preventing excessive naira strengthening that could distort investor positioning, the currency still recorded gains across both the official NFEM window and the parallel market in February 2026.