Dollar to Naira: Naira Continues Depreciation Against Dollar
The naira continued to depreciate against the dollar at official and parallel foreign exchange markets, also known as the black market, to begin the week on a negative note.
This comes as the Central Bank of Nigeria’s foreign exchange data showed that the naira fell further to N1,605.62 per dollar on Monday from N1,602.18 exchanged last Friday.
The naira weakened by N3.44 against the dollar on a day-to-day basis.
Similarly, at the black market, Nigeria’s currency, the naira, depreciated by N5 against the dollar to N1610 on Monday from N1605 traded at the close of last week.
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This comes as the apex bank said the country’s external reserves grew to $38.8 billion in 2024.
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