The week got off to a bad start as the naira kept losing value in relation to the dollar on both the official and black market foreign exchange exchanges.
This comes as the naira dropped further to N1,605.62 per dollar on Monday from N1,602.18 on Friday of last week, according to the Central Bank of Nigeria’s foreign exchange data.
Daily, the naira lost N3.44 in value relative to the US dollar.
In a similar vein, Nigeria’s currency, the naira, lost N5 versus the dollar on the black market, falling from N1605 at the end of last week to N1610 on Monday.
The nation’s overseas reserves increased to $38.8 billion in 2024, according to the apex bank.
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