The Naira began the week on a negative note, depreciating against the United States Dollar across both the official and parallel (black) foreign exchange markets.
According to official data from the Central Bank of Nigeria (CBN), the Naira fell to ₦1,470.26 per US dollar on Monday, down from ₦1,465.68 recorded at the close of trading on Friday last week. This represents a ₦4.58 loss within a single trading day.
Similarly, in the black market, the local currency weakened further, trading at ₦1,505 per dollar on Monday compared to ₦1,495 on Friday.
Foreign exchange traders and Bureau de Change (BDC) operators attributed the depreciation to a surge in demand for dollars, particularly from importers and travelers seeking foreign exchange for business and personal transactions.
The continued pressure on the Naira highlights the persistent volatility in Nigeria’s FX market, despite recent efforts by the CBN to stabilize the exchange rate and improve liquidity.
Key Takeaways:
(1).Naira depreciated to ₦1,470.26/$1 at the official market.
(2).Black market rate fell further to ₦1,505/$1.
(3).Bureau de Change operators blame rising demand for forex.
(4).The currency weakened by ₦4.58 in one trading day.
