The Nigerian currency, the naira, on Monday depreciated against the United States dollar at both the official and parallel foreign exchange markets.
Data released by the Central Bank of Nigeria (CBN) showed that the naira fell to ₦1,437.29 per dollar at the official market, down from ₦1,436.58 recorded at the close of trading on Friday — representing a slight loss of ₦0.71.
At the parallel market, the currency also declined to ₦1,465 per dollar on Monday from ₦1,450 last Friday, marking a ₦15 drop in value.
The decline occurred despite a steady rise in Nigeria’s external reserves, which climbed to $43.35 billion as of November 7, up from $43.32 billion the previous day, according to CBN figures.
Last week, the naira closed with mixed trading sentiments following U.S. President Donald Trump’s designation of Nigeria as a Country of Particular Concern — a move analysts say could weigh on investor confidence in the short term.