Naira Depreciates Against US Dollar Across Official, Black Markets

The Nigerian currency, the naira has depreciated against the United States dollar at the official foreign and parallel exchange markets.

This is according to data released by the Central Bank of Nigeria.

The Naira dropped on Monday to N1,437.29 against the dollar, down from N1,436.58 traded at the close of work on Friday.

This showed that the Naira weakened on Monday by N0.71 against the dollar when compared to N1,436.58 exchanged last week.

Similarly, the Naira also declined by N15 to N1,465 per dollar on Monday down from N1;450 lon Friday.

The development comes despite the continued rise in Nigeria’s external reserves, which stood at $43.35 billion as of November 7th, up from $43.32 recorded the previous day, according to CBN data.

Recall that the Naira closed with mixed sentiments last week after US President Donald Trump’s designation of Nigeria as a Country of Particular Concern.