Naira Falls Again as New Dolla Exchange Emerges; Details Emerge

On Friday, the naira experienced a slight depreciation in the official foreign exchange market, closing the week at ₦1,380.93 to the United States dollar. According to data released by the Central Bank of Nigeria (CBN), the local currency declined by 82 kobo at the end of trading.

This decline reflects a 0.05 percent drop compared to Thursday’s closing rate of ₦1,380.10 to the dollar.

The week began on a positive note for the naira, which opened at ₦1,369.10 to the dollar on Monday, June 22. However, the currency faced a downward trend, weakening to ₦1,370.63 on Tuesday, and further depreciating to ₦1,380.07 on Wednesday.

It exchanged at ₦1,380.10 on Thursday, then closed the week slightly lower at ₦1,380.93/$ on Friday.

The latest movement reflects the continued pressure on the local currency at the official market, despite efforts by monetary authorities to stabilise the foreign exchange market.

The naira has continued to trade within a narrow band in recent days, with analysts linking the movement to demand pressure and liquidity conditions in the market.

Meanwhile, barely two weeks ago, the Central Bank of Nigeria (CBN) directed banks, fintech companies and other operators in the payments ecosystem to ensure that all payment transaction data generated in the country is stored and managed within Nigeria.

The apex bank also introduced fresh measures aimed at promoting transparency, reducing market concentration and strengthening oversight in the payments industry.

Naija News reports that the directive was contained in a circular dated June 15, 2026, titled “Introduction of Market Structure Requirements, Data Localisation, Ultimate Beneficial Ownership Disclosure, and Systemic Oversight Measures in the Nigerian Payments System.”

In the circular, the CBN said all financial institutions and payment operators facilitating transactions within the country must comply with the new data localisation requirement.

According to the apex bank, the policy is in line with existing data protection laws and regulations applicable in Nigeria.

The CBN added that “all affected financial institutions shall fully comply with this requirement effective January 1, 2027.”

The apex bank also directed banks, payment service providers and other financial institutions with digital payment operations to disclose the ultimate beneficial owners of significant shareholders.

It said the move was necessary to improve transparency in the sector and ensure compliance with anti-money laundering and counter-terrorism financing regulations.