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The naira continued its decline on Wednesday, slipping to ₦1,591.60/$1 officially and ₦1,625/$1 at the black market, despite a $50m intervention from the Central Bank.
  • Naira lost ₦5.84 at NAFEX, closing at ₦1,591.60/$1
  • Black market rate worsened to ₦1,625/$1, down ₦5 from Tuesday
  • Pound and Euro also gained against the naira in spot trading
  • CBN injected $50m to stabilise the market, with limited impact
  • The crypto market showed mixed performance amid wider sell-off
Despite CBN’s attempt to ease pressure by injecting dollars, the naira fell yet again — another sign of persistent demand outweighing available supply. For Nigerians, this means imports get pricier, inflation remains sticky, and purchasing power keeps shrinking. In the FX market, it's not just about numbers, it’s about trust. Until supply becomes consistent and credible, every dip fuels more anxiety. On the global side, even the crypto market isn’t offering a haven right now, with most tokens dipping midweek.

The naira keeps sliding, will bigger interventions or deeper reforms be needed to stop the bleed?

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