The naira began the week on a downward trend, sliding against the United States dollar in both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria showed the currency closed at ₦1,437.29 per dollar on Monday, compared with ₦1,436.58 recorded on Friday—reflecting a marginal depreciation of ₦0.71.
In the parallel market, the naira also weakened, trading at about ₦1,465 per dollar on Monday, down from roughly ₦1,450 at the end of last week.
The decline comes despite a continued rise in Nigeria’s external reserves, which increased to $43.35 billion on November 7, up from $43.32 billion the previous day, according to CBN data.
The currency closed last week with mixed performance, influenced partly by reactions to U.S. President Donald Trump’s recent designation of Nigeria as a Country of Particular Concern.
