Naira Weakens Further Against Dollar Marginally

The Naira experienced a slight depreciation against the dollar on Monday, marking a negative start to the week at the foreign exchange market.

According to FMDQ data, the Naira closed at ₦1,536.58 per dollar on Monday, compared to ₦1,534.56 recorded at the end of trading last week based on the Central Bank of Nigeria’s FX data. This reflects a marginal weakening of ₦2.2 against the dollar when compared to last Friday’s rate.

In contrast, the black market rate for the Naira remained steady, trading between ₦1,662 and ₦1,665 on Monday, unchanged from last Friday.

Notably, the Naira had maintained a positive trend against the dollar since the start of the new year until this slight setback on Monday.