Market News
Naira extends depreciation against USD - DAILY POST
The Nigerian naira depreciated against the dollar at the official foreign exchange market on Monday, resuming trading on a negative note.
Central Bank of Nigeria data showed that the naira dropped to N1,331.69 against the dollar on Monday from N1,330.10 traded last week.
This means that at the official foreign exchange market, the naira declined by N1.59 against the dollar on Monday.
Meanwhile, at the black market, the naira remained flat at N1,370 per dollar on Monday, the same rate recorded on Friday last week.
The mixed performance of the naira against the dollar across the official and parallel markets comes as the country’s external reserves stood at $54.95 billion as of October 2, 2026.
Recall that on Friday, the naira dropped against the dollar to end the week on a negative note.
