The Naira suffered its highest single-day depreciation of the year on Monday, weakening to N1,378.03 per dollar at the official market amid continued foreign exchange pressures.
The Naira recorded its sharpest single-day depreciation against the United States dollar at the official foreign exchange market on Monday, resuming the week on a negative note. Data from the Central Bank of Nigeria showed that the currency fell to N1,378.03 per dollar, down from N1,363.39 recorded last Friday. This represents a decline of N14.64 per dollar, marking the highest single-day drop so far this year.
At the parallel market, commonly referred to as the black market, the Naira also depreciated by N5 to close at N1,380 per dollar on Monday, compared to N1,375 on Friday. The continued downward movement across both segments of the foreign exchange market narrowed the gap between the official and parallel rates to N1.97.
DAILY POST reports that the Naira has been on a downward trend since last week following the Central Bank’s intervention in the foreign exchange market. Analysts say sustained volatility in the forex market and liquidity pressures may continue to weigh on the local currency in the near term.
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