First, the naira weakened all week, closing Friday at ₦1,466.5 per dollar.
As a result, it reached its weakest official level in several months.
According to CBN data, the naira declined across all five trading sessions.
Steady FX Market Pressure On Naira
Specifically, it opened Monday at ₦1,454 per dollar and fell steadily through Friday.
By Friday, the rate returned to levels last seen on October 21, 2025.
Meanwhile, week-on-week data showed pressure already building.
For context, analyst reports last week’s close at ₦1,455.50 per dollar.
Therefore, the decline signals strong dollar demand despite central bank reforms.
Budget Signals And Market Reaction
At the same time, the timing of the slide drew market attention.
Notably, it coincided with President Tinubu’s presentation of the 2026 budget.
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In his speech, the president described the budget assumptions as conservative.
However, markets focused on the ₦1,400 per dollar exchange rate assumption.
Clearly, that level remains stronger than the current official rate.
Additionally, oil price and output projections increased investor caution.
Outlook And Investor Sentiment
Accordingly, analysts cite FX supply risks and oil production uncertainty.
Furthermore, transparency concerns grew after officials released no 2025 performance report.
As a result, overlapping budgets continue to weaken investor confidence.
Looking ahead, the naira’s outlook remains uncertain.
On one hand, improved FX liquidity or stronger oil earnings could ease pressure.
On the other hand, short-term volatility may continue.
