The naira experienced a slight decline against the dollar in the parallel foreign exchange market as trading resumed on Monday.
According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the naira traded at N1,570 per dollar on Monday, down from N1,565 per dollar recorded last Friday. This marks a N5 depreciation within two trading days.
The slight downturn follows a period of gains in the parallel FX market, highlighting ongoing fluctuations in currency value.
As of the time of this report, the Central Bank of Nigeria (CBN) had not released updated exchange rate data to provide an official benchmark.
Market trends indicate that the naira stood at N1,500.41 per dollar last week, showcasing a steady depreciation in recent sessions.
Meanwhile, the CBN announced on Monday that the 299th Monetary Policy Committee meeting has been scheduled for February 18th and 19th, 2025, where strategies to stabilize the naira could be a key agenda.
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