Business
Naira Declines Against Dollar in Official, Parallel Markets
The naira weakened against the United States dollar on Monday, recording losses in both official and parallel exchange markets. Data from the Central Bank of Nigeria showed the currency traded at N1,437.29 to the dollar, down from N1,436.58 at the close of business on Friday, marking a decline of N0.71.
In the parallel market, the naira fell by N15, exchanging at N1,465 per dollar compared with N1,450 on Friday. The depreciation occurred even as Nigeria’s external reserves continued to rise, reaching $43.35 billion as of November 7, up slightly from $43.32 billion recorded the previous day, according to CBN figures.
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