Market News
Naira crumbles in official market, trades at N1,498.98/$ - NIGERIAN TRIBUNE
Israel Arogbonlo
The Naira depreciated in the official market on Monday, trading at N1,498.98 to a Dollar.
Data from the Central Bank of Nigeria (CBN) showed that Naira lost N6.49.
This represents a 0.43 per cent decline compared to Friday, Feb. 28, when it closed at N1,492.49 to the Dollar.
The loss followed a three-day appreciation recorded the previous week.
In spite of this, the Naira has remained relatively stable against the US Dollar due to CBN’s reforms promoting transparency in the Foreign Exchange (FX) market.
Analysts continue to commend the CBN for the local currency’s steady progress since December 2024.
