Naira crashes further against dollar

The naira began the week on a negative note, continuing its decline against the US dollar at both the official and parallel foreign exchange markets.

According to data from the Central Bank of Nigeria (CBN), the naira weakened further to N1,605.62 per dollar on Monday, down from N1,602.18 recorded on Friday of the previous week, reflecting a N3.44 drop in value on a day-to-day basis.

Similarly, at the black market, the naira depreciated by N5, trading at N1,610 per dollar on Monday, compared to N1,605 at the close of the previous week.

Meanwhile, the CBN reported that the country’s external reserves had grown to $38.8 billion as of 2024.