Naira plunges to N1,629/$1 at official market despite CBN’s $200 million intervention 

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 Naijaonpoint 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.

In response to the continued depreciation, Naijaonpoint gathered that the CBN sold an estimated $200 million at various official exchange rates on Monday.

“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 Naijaonpoint.

In a related economic development, the Nigerian stock market witnessed a significant pullback on Monday.

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.