Naira Depreciates Further Against Dollar, Hits 1,515/$ as External Reserves Increases

The declining fortunes of the Naira persisted on Monday, with further depreciation in the parallel market to 1,515 to a dollar.


Meanwhile, this represents a 2.97 percent (N45/$1) depreciation when compared to the exchange rate of N1,470 on Friday.

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The decline occurred despite Nigeria’s external reserves increasing marginally by 0.4 percent week on week to a four-week high of $32.4 billion as of May 8, 2024, BusinessDay reports.

Analysts had expected the naira to extend its depreciation against the dollar to this week unless there is an intervention by the Central Bank of Nigeria (CBN).

Recall that last week, the foreign exchange (FX) witnessed persistent weakness in the Naira due to shortage of dollars in the market.

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