The naira started the week on a downward trend, losing value against the US dollar in both the official and parallel markets.
Data from the Central Bank of Nigeria revealed that the Naira fell to ₦1,437.29 per dollar on Monday, down from ₦1,436.58 recorded at the close of trading on Friday. This indicates a depreciation of ₦0.71 against the U.S. dollar at the start of the week.
In the same vein, the Naira depreciated by N15 to close at N1,465 per dollar on Monday, compared to N1,450 traded on Friday.
The decline came despite the steady rise in Nigeria’s external reserves, which climbed to $43.35 billion as of November 7, up from $43.32 billion recorded the previous day, according to Central Bank data.
The Naira ended last week with mixed performance following US President Donald Trump’s designation of Nigeria as a Country of Particular Concern.