The naira resumed its downward trend against the US dollar on Monday, reversing Friday’s gains across both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria (CBN) showed a slight depreciation in the official market, with the naira falling to ₦1,532.54 per dollar on Monday, compared to ₦1,532.34 traded at the close of last week. The marginal loss of ₦0.20 underscores continued pressure on the local currency despite earlier signs of recovery.
In the parallel market, the naira suffered a more significant decline. It dropped to ₦1,540 per dollar on Monday, down from ₦1,350 the previous week — a sharp depreciation of ₦190 in just a few days.
This latest currency movement comes shortly after the naira posted modest appreciation across FX windows on Friday, raising hopes of short-term stability.
The renewed volatility coincides with the recent announcement that Nigeria has rebased its Gross Domestic Product (GDP), now estimated at ₦372.8 trillion for the year 2024 — a move that could reshape key macroeconomic indicators and investor sentiment.
