Naira drops against dollar across foreign exchange market
On both the official and black markets, the value of the naira declined in relation to the US dollar.
According to the Central Bank of Nigeria’s FX data, the naira fell slightly versus the dollar on Monday to N1,532.54, compared to N1,532.34 exchanged on Friday last week.
Accordingly, the naira lost N0.20 against the US dollar on Monday. In a similar vein, Nigeria's currency fell from N1,350 to N1,540 per dollar on the black market last week.
This follows Friday's naira appreciation on the foreign exchange market. This comes as Nigeria's GDP was recalculated to reach N372.8 trillion in 2024.
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