Business
Naira Opens Week Weaker at Official Market, Gains on Black Market
The naira began the week on a weaker note at the official foreign exchange window, depreciating slightly against the U.S. dollar on Monday.
Data from the Central Bank of Nigeria (CBN) shows the naira closed at N1,533.67 per dollar, slipping from N1,532.51 recorded last Friday. The movement reflects a marginal decline of N1.16, halting the local currency’s three-day winning streak from the previous week.
However, trading activity in the parallel market told a different story. The naira appreciated to N1,550 per dollar, according to Abubakar Alhasan, a Bureau de Change operator in Abuja’s Wuse Zone 4.
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