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Home ยป Naira Depreciates to N1,606/$1 in Official Market

Naira Depreciates to N1,606/$1 in Official Market

Latifat Fashina by Latifat Fashina
May 6, 2025
in Finance
0
Nigeria and USD, Nigerian Banking System - Naira
Naira | USD

Naira | USD

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The naira fell in the official market on Monday as it closed at N1,605.63/1$, a 0.22% decline from its previous close of N1,602/$1.

According to data from the Nigeria Foreign Exchange Market (NFEM), the naira experienced demand pressure during Monday’s trading session as it fluctuated as high as N1,611/$1 to as low asย  N1,601.98/$1 before finally settling at N1,605.63/$1.

The currency depreciated in the foreign exchange market on Monday marks the continuation of the naira fall after closing in a decline last Friday, after maintaining relative stability for a week.

However, the Nigerian currency appreciated in the parallel market as it closed at N1,590/$1, a 0.63% improvement from last Friday’s close of N1,600/$1.

Against the British pound, the naira depreciated by 0.24% to N2,110/ยฃ1, from its prior close of N2,100/ยฃ1. Similarly, the naira dropped against the euro to N1,775/โ‚ฌ1, a 0.28% drop from the prior close of N1,770/โ‚ฌ1.

The week began with the naira losing ground against the dollar after a period of relative stability, stressing the instability in Nigeriaโ€™s foreign exchange market.

The Central Bank of Nigeria (CBN) is expected to maintain its interventions to stabilize the market and support the naira.

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Latifat Fashina

Latifat Fashina

LATIFAT FASHINA is the Business/Finance Reporter at Techeconomy. She can be reached via: latifat.fashina@techeconomy.ng

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