The currency depreciated against the dollar across official and parallel foreign exchange markets according to data from the Central Bank of Nigeria.
The Naira has depreciated against the United States Dollar on Monday.
The currency depreciated against the dollar across official and parallel foreign exchange markets according to data from the Central Bank of Nigeria.
The data showed that the Naira dropped to N1,470.26 on Monday, down from N1,465.68 traded on Friday.
This means that the Naira weakened by N4.58 per dollar on Monday compared to the N1,465.68 recorded on Friday last week.
Similarly, at the black market, the Naira dropped to N1,505 per dollar on Monday, down from N1,495 traded at the close of business on Friday last week.
Bureau de Change operators attributed the drop to rising demand for foreign exchange.
Recall that the Naira had also eased against the Dollar on Friday.
This comes despite the continued rise in Nigeria’s external reserves to $42.44 billion as of October 3, 2025.