Naira begins week with depreciation

The naira slipped back into depreciation against the dollar at the official foreign exchange market on Monday, beginning the week on a negative note.

This is according to official data from the Central Bank of Nigeria.

Figures from the apex bank show that the naira on Monday fell to N1,533.67 per dollar, from N1,532.51 recorded last Friday.

This represents a slight decline of N1.16 against the dollar compared to the closing rate at the end of last week’s trading, which had recorded three consecutive days of gains.

Meanwhile, in the black market, the naira appreciated and traded at N1,550 per dollar on Monday, according to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja.