Nigeria’s foreign exchange market came under pressure on Monday, with the Naira depreciating to N1,629 per dollar at the official market.
This marks a significant drop from Friday’s close of N1,600/$1.
Despite the Central Bank of Nigeria’s efforts to stabilize the currency, selling $124 million at rates between N1,595 and N1,611, the naira continued to weaken.
This follows a $197 million sale on Friday.
The sustained depreciation suggests growing dollar demand and market unease, exacerbated by global financial market volatility amid new U.S. tariff threats.
The Central Bank of Nigeria’s exchange data showed that the naira fell to N1,612.23 per dollar on Monday, from N1,567.02 traded on Friday last week.
The data revealed that the naira weakened by N45.21 against the dollar on Monday compared to N1,567.02 traded the previous week.