The naira fell against the US dollar on Monday across both official and parallel markets, according to new figures from the Central Bank of Nigeria. The currency closed at N1,451.86/$1, weakening from N1,450.43 recorded last Friday. This marks a N1.43 drop at the official window, extending the currency’s recent negative run despite improved external reserve levels.
At the black market, the naira recorded a sharper decline, dropping by N15 to N1,490/$1, down from N1,475 on Friday. The depreciation comes even as Nigeria’s external reserves rose to a six-year high of $45.11bn as of December 5, and follows the CBN’s publication of 82 fully licensed BDC operators on Monday.