The naira on Monday weakened across multiple segments of Nigeria’s foreign exchange (FX) market as weekly inflows declined, while Bureau De Change (BDC) operators remained unable to purchase dollars from commercial banks, two weeks after the Central Bank of Nigeria (CBN) reopened the Nigerian Foreign Exchange Market (NFEM) window to them.
Data from the CBN showed the naira depreciated steadily over the last four trading sessions, closing at ₦1,349.24 per dollar on Monday — a loss of ₦11.13 or 0.82% compared with ₦1,338.11 recorded on Wednesday last week. On a daily basis, the currency weakened by ₦2.92 or 0.2% from ₦1,346.32 quoted on Friday at the NFEM.
In the parallel market, the naira fell by ₦18, with the dollar trading at ₦1,358 on Monday, representing a 1.34% depreciation from ₦1,340 quoted on Friday. The gradual slide coincided with a sharp drop in weekly FX inflows by $741.8 million, even as Nigeria’s external reserves remained firm at $48.77 billion as of February 19, 2026.
Total FX inflows last week amounted to $648.2 million, largely driven by foreign participation. Foreign Portfolio Investors (FPIs) accounted for the largest share at $364.8 million (56.3%), followed by exporters with $168.8 million (26%), non-bank corporates at $93.7 million (14.5%), individuals with $10 million (1.5%), and other sources, including foreign direct investment, at $10.8 million (1.7%). Notably, there were no inflows from the CBN during the week, according to a report by Coronation Merchant Bank.
Despite the CBN authorising licensed BDCs to purchase FX through authorised dealer banks, efforts to obtain comments from operators were unsuccessful. Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria, and other operators did not respond to calls or messages as of press time. Checks indicate that BDCs have yet to commence dollar purchases from commercial banks.
The CBN circular, signed by Musa Narkoji, director of the Trade and Exchange Department, allows BDCs to buy FX at prevailing market rates, with banks required to complete all Know-Your-Customer and due diligence checks. The guidelines set a maximum weekly allocation of $150,000 per BDC to boost liquidity in the retail segment and meet legitimate demand.
