The Naira recorded massive depreciation against the United States dollar at the official foreign exchange market to begin the week on a negative note.
The Central Bank of Nigeria’s data showed that the Naira weakened on Monday to N1,436.34 against the dollar, down from N 1,421.73 was traded on Friday.
This means that the Naira dropped significantly by N14.61 against the dollar on Monday when compared to the close of work last week.
We reported that this is the first time the Naira has depreciated since October 14, 2025 at official FX market.
Meanwhile at the black market, the naira exchanged at N1,460 per dollar, an improvement compared to the rate on Friday.
This comes as the country’s external reserves continue to rise, recording $43,197 billion as of October 31, 2025.