Nigerian Naira Records First Loss in 2026 Against US Dollar Amid CBN Dollar Sales

The Nigerian Naira depreciated slightly against the US dollar in 2026, marking its first loss of the year as the Central Bank of Nigeria (CBN) sold dollars. Data from the foreign exchange market showed a 0.1% fall on January 8, with the dollar quoted at N1,419.71 compared to N1,418.26 the previous day.

Total dollar inflow in the FX market rose by 38% month-on-month to $2.8 billion in December, indicating a rebound following a sharp contraction in November. Analysts attribute the recovery to stronger CBN interventions and increased foreign portfolio inflows.