The naira started the week with a slight decline against the US dollar at the official foreign exchange market, reversing the gains recorded over the previous three trading days.
According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,533.67 per dollar on Monday, compared to ₦1,532.51 on Friday. This marks a modest depreciation of ₦1.16.
In contrast, the local currency appreciated slightly in the parallel market, where it traded at ₦1,550 per dollar on Monday. This is according to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja.
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