Market News

The Naira fell against the dollar to begin the first trading day in February at the official foreign exchange market.

However, the currency showed stability at the parallel foreign exchange market.

This comes as FMDQ data showed that the naira weakened to N1,495.60 per dollar on Monday from N1,478.78, which was exchanged on Friday last week.

This means that at the official market, the Naira slipped by N16.82 against the dollar on Monday, compared to the N1,478.78 exchange rate.

Meanwhile, at the black market, the Naira remained unchanged at the N1610 per dollar mark on Monday, the same exchange rate as at the end of last week.

The development comes after the Naira maintained an impressively weak week-on-week run against the dollar and other currencies.

On Monday, the Central Bank of Nigeria extended its FX sales period to authorised Bureau De Change operators until May 30, 2025.

The policy continuation may be the reason the Naira remained stable against the dollar at the black market on Monday.

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