The Naira weakened significantly against the United States dollar at the parallel foreign exchange market on Monday.

In Abuja’s Wuse Zone 4, Bureau de Change operator Abubakar Hassan reported that the Naira fell by N40, trading at N1,370 per dollar on Monday, compared with N1,317 to N1,333 recorded on Friday last week.

This marks the first major decline in the Naira since the Central Bank of Nigeria (CBN) directed banks on February 10, 2026, to sell a maximum of $150,000 weekly to Bureau de Change operators.

At the official foreign exchange market, CBN data showed the Naira slipping to N1,349.24 per dollar, down from N1,346.32 on Friday, representing a drop of N2.92.

The Naira’s decline comes even as Nigeria’s external reserves remain strong, totaling $48.77 billion as of February 19, 2026.

Meanwhile, the CBN’s Monetary Policy Committee is currently meeting to introduce new monetary measures.