Naira Depreciates Sharply in February 2026 Amid Forex Crisis

In February 2026, the Nigerian naira experienced further depreciation against major international currencies, exacerbated by ongoing issues in the foreign exchange market. On February 11, the naira was reported at 1,435 naira to the US dollar and 1,670 naira to the euro in the black market, with selling rates reaching 1,455 and 1,710 naira respectively.

The widening gap between demand and supply of foreign currency has raised concerns about the stability of the naira. Traders attribute the naira's decline to a persistent scarcity of foreign exchange, driven by increased demand for imports and travel.

The situation is compounded by long-standing structural issues within Nigeria's economy, including high interest rates and inconsistent policies that deter foreign investment. The Central Bank of Nigeria (CBN) has faced criticism for its handling of forex regulations, leading to increased reliance on the black market.

As a result, ordinary Nigerians are struggling with rising costs of living, including food and healthcare, amidst a backdrop of economic uncertainty.