The naira has weakened in both official and unofficial foreign exchange markets versus the dollar.
Data from the Central Bank of Nigeria’s forex indicated that the naira fell further to N1,605.62 per dollar on Monday, down from N1,602.18 exchanged the previous Friday.
The naira declined by N3.44 against the dollar on a daily basis.
In a similar vein, in the black market, Nigeria’s currency, the naira, weakened by N5 against the dollar to N1610 on Monday, compared to N1605 traded at the end of last week.
This occurs as the central bank announced that the country’s external reserves increased to $38.8 billion in 2024.