The Naira depreciated against the dollar as trading commenced in February at the official foreign exchange market, while remaining stable in the parallel market.
According to data from FMDQ, the currency weakened to N1,495.60 per dollar on Monday, compared to N1,478.78 on Friday. This represents a N16.82 decline in value at the official market.
In contrast, the black market exchange rate held steady at N1,610 per dollar, the same level as recorded at the end of last week.
The Naira’s decline at the official market follows a consistent weak performance against the dollar and other foreign currencies in recent weeks.
Meanwhile, on Monday, the Central Bank of Nigeria (CBN) extended its foreign exchange (FX) sales period to authorized Bureau De Change (BDC) operators until May 30, 2025.
This policy extension may have contributed to the Naira’s stability in the parallel market despite fluctuations in the official exchange rate.
