BREAKING: Naira depreciates against Dollar in both Official and Parallel Markets

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The Nigerian naira has returned to depreciation against the US dollar in both the official and parallel foreign exchange markets. According to the Central Bank of Nigeria’s FX data, the naira depreciated to N1,532.54 on Monday, compared to N1,532.34 traded on Friday last week, representing a marginal loss of N0.20.

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In the parallel market, the naira dropped to N1,540 per dollar on Monday from N1,350 traded last week, a significant decline of N190. This depreciation comes after the naira had appreciated across the FX market on Friday, suggesting volatility in the currency market.

The development coincides with Nigeria’s rebased gross domestic product (GDP) of N372.8 trillion in 2024, a significant economic indicator that may influence currency fluctuations.

The depreciation of the naira against the dollar may have implications for Nigeria’s economy, including increased costs for imports and potential inflationary pressures.

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