Business News
Naira weakens against dollar at official market
The naira recorded a slight drop against the United States dollar at the official foreign exchange market on Monday, opening the week on a negative note.
Figures released by the Central Bank of Nigeria showed that the local currency closed at N1,390.36 to the dollar on Monday, compared to N1,386.55 recorded at the end of trading last Friday.
This indicates that the naira depreciated by N3.81 against the dollar within one trading day, reflecting continued pressure on the local currency at the official market.
Meanwhile, at the black market, Naira remained unchanged at between N1460 and N1470 per dollar on Monday, the same as on Friday, according to multiple Bureau de Change operators in Wuse Zone 4, Abuja.
Recall that after last week’s currency trading, the naira appreciated significantly across official and parallel foreign markets.
The apex bank data showed that Nigeria’s external reserves stood at $46.18 billion as of January 29th, 2026.
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