ABUJA — The naira began the week on a shaky note at the official foreign exchange market, sliding against the U.S. dollar despite a streak of gains recorded last week.
According to official data from the Central Bank of Nigeria (CBN), the naira closed at N1,533.67 per dollar on Monday, compared to N1,532.51 recorded last Friday — a marginal depreciation of N1.16.
The dip comes after three consecutive days of appreciation at the official window, raising concerns about the local currency’s stability amid ongoing volatility in the forex market.
In contrast, the naira recorded a modest rebound at the parallel (black) market, appreciating to N1,550 per dollar on Monday.
Abubakar Alhasan, a Bureau de Change operator at Wuse Zone 4, Abuja, confirmed the parallel market rate, noting increased demand and tighter dollar supply conditions.
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