Nigeria News
Naira slumps against dollar after streak of appreciation
The naira settled at N1,538.50 per dollar in the foreign exchange market on Monday, marking its first depreciation after a streak of appreciation.
According to the Central Bank of Nigeria’s forex data, the naira stood at N1,538.50 per dollar, a slight drop from N1,535 recorded on Friday, reflecting a N3.5 depreciation.
In the parallel market, the naira also closed at N1,630 per dollar on Monday, down from N1,600 last week.
This marks the first time the naira has depreciated after the Central Bank of Nigeria introduced the Electronic Foreign Exchange Matching System (EFEMS) to ensure transparent FX transactions.
The Centre for Promotion of Private Enterprise credited the recent gain in the naira’s value to the EFEMS initiative and a boost in the country’s external reserves.
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