The Naira weakened against the U.S. dollar across various foreign exchange markets on Monday, starting the week on a downward trend.
Data from the Central Bank of Nigeria (CBN) revealed that the official exchange rate dropped to N1,492.49 per dollar, down from N1,499.07 recorded last Friday. This represents a decline of N6.58 in a single trading session.
In the parallel market, the Naira also lost ground, depreciating to N1,506 per dollar on Monday from N1,505 last week.
Despite this recent decline, reports indicate that the Naira made notable gains in February 2025 in the black market compared to the official exchange rate.
