Charles Esther
The naira slipped back into depreciation against the United States dollar at the official foreign exchange market on Monday, starting the week on a weak note.
Central Bank Data Confirms Decline
According to official figures released by the Central Bank of Nigeria (CBN), the naira closed at ₦1,533.67 per dollar, compared to ₦1,532.51 per dollar recorded last Friday.
Extent of the Drop
This marks a decline of ₦1.16 against the dollar, ending the currency’s brief winning streak that lasted for three consecutive days of trading last week.
Black Market Records Slight Appreciation
Contrary to the official market, the naira appreciated in the parallel (black) market.
According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the naira traded at ₦1,550 per dollar on Monday, reflecting a stronger performance compared to the official window.
David Awoyode