Business
Naira Weakens Against Dollar as Markets Reopen After Easter
The Nigerian naira lost ground against the US dollar across both official and parallel markets as activities resumed after the Easter holidays. According to data from the Central Bank of Nigeria, the official exchange rate dropped to N1,602.63 per dollar on Tuesday, weakening from N1,599.93 recorded last Thursday. This marks a daily decline of N2.70.
In the parallel market, the naira also depreciated, trading at N1,620 per dollar on Tuesday compared to N1,610 over the weekend. Notably, the black market rate had previously settled at N1,620 just before the Easter break, suggesting a return to pre-holiday levels.
The naira’s continued slide comes amid broader global currency dynamics, including a weakening dollar influenced by concerns over the independence of the US Federal Reserve and ongoing tariff tensions.
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