Naira depreciates against dollar across FX markets

The Naira weakened against the U.S. dollar on Monday, marking a negative start to the week across foreign exchange markets.

According to the Central Bank of Nigeria (CBN), the Naira depreciated to N1,492.49/$1 from N1,499.07/$1 recorded last Friday, representing a decline of N6.58.

In the black market, the Naira also slipped slightly, trading at N1,506/$1 on Monday, compared to N1,505/$1 last week.

Despite the recent decline, the Naira had recorded notable gains in February 2025, especially in the parallel market, compared to its performance in the official exchange window.

However, fluctuations in foreign exchange supply and demand continue to impact the currency’s stability.