Naira returns to depreciation against dollar across foreign exchange markets

The naira returned to depreciation against the dollar across both the official and parallel foreign exchange markets.

According to the Central Bank of Nigeria’s FX data, the naira depreciated slightly against the dollar on Monday to N1,532.54, compared to N1,532.34 traded on Friday last week.

This means that the naira marginally shed N0.20 against the dollar on Monday.

Similarly, on black market, Nigeria’s currency dropped to N1,540 per dollar on Monday from N1,350 traded last week.

This comes after the naira appreciated across the FX market on Friday.

The development comes as Nigeria rebased its gross domestic product to N372.8 trillion in 2024.

Naira returns to depreciation against dollar across foreign exchange markets