The Nigerian naira has depreciated against the US dollar in both official and parallel foreign exchange markets. According to data from the Central Bank of Nigeria, the naira fell to N1,605.62 per dollar on Monday, down from N.1,602.18 the previous Friday, representing a 0.21% depreciation.
This depreciation is part of a broader trend, as the naira lost N5.49 (0.34%) last week, closing at N1,602.18 per dollar.
The naira weakened by N3.44 against the dollar on a day-to-day basis.
Similarly, at the black market, Nigeria’s currency, the naira, depreciated by N5 against the dollar to N1610 on Monday from N1605 traded at the close of last week.
This comes as the apex bank said the country’s external reserves grew to $38.8 billion in 2024.
