The naira is holding. That is the headline. CBN last official ₦1,350.74, parallel ₦1,400, spread ₦49 — figures broadly unchanged from Friday’s close despite a weekend of diplomatic drama that had seemed, as recently as Friday afternoon, to be trending toward a breakthrough.

That breakthrough did not arrive. Araghchi flew into Islamabad on Friday evening — as Pakistan had been hoping — met Pakistani officials for roughly 20 hours, and then departed for Oman without meeting any American delegation. His spokesperson had denied from the start that a direct US meeting was planned. Minutes after Pakistani officials confirmed Araghchi had left, Trump posted on Truth Social cancelling Witkoff and Kushner’s planned Saturday trip: “Too much time wasted on traveling, too much work!” He added that nobody in Iran’s leadership seems to know who’s in charge, and that if Tehran wants to talk, “all they have to do is call.”

The naira’s resilience in the face of this setback tells you something important about its structural position. The parallel premium has held at just ₦49 — far tighter than the ₦80–₦100 premiums seen during the worst war weeks in early March. CBN’s EFEMS, the 27.5% MPR, and steady diaspora inflows are holding the floor. Think of the naira like a building in an earthquake zone — the tremors keep coming, but the foundations were recently reinforced, so the walls are cracking but not collapsing.