Business
Naira Weakens Again Against Dollar Across Official, Parallel Markets
The Nigerian naira resumed its downward trajectory against the U.S. dollar on Monday, reversing Friday’s brief appreciation across both official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria (CBN) shows the naira slightly depreciated at the official market, closing at ₦1,532.54 per dollar, compared to ₦1,532.34 recorded on Friday. This represents a marginal loss of ₦0.20.
In the parallel (black) market, the depreciation was more pronounced. The naira fell to ₦1,540 per dollar on Monday, down from ₦1,350 the previous week — a sharp drop reflecting renewed pressure on the local currency.
The latest slide comes just days after the naira showed signs of strengthening, with gains recorded across multiple exchange windows on Friday.
This currency movement follows the recent rebasing of Nigeria’s Gross Domestic Product (GDP), which now stands at ₦372.8 trillion for 2024. The rebasing is part of efforts to better reflect the structure of the Nigerian economy.
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