Business
Naira Weakens Against Dollar Across Forex Markets
The naira weakened significantly against the US dollar across both official and parallel foreign exchange markets this week, reversing earlier gains.
According to data from the Central Bank of Nigeria, the naira dropped to N1,583.73 per dollar on Tuesday, down from N1,579.40 on Monday, marking a day-to-day depreciation of N4.33 at the official FX market. In the parallel market, the local currency also lost ground, slipping by N2 to N1,617 per dollar on Tuesday, compared to N1,615 the previous day.
This marks the first decline in the naira’s performance against the dollar this week, following a brief appreciation on Monday.
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