Naira Weakens Further Against Dollar in Official Market

The naira continued its slide against the dollar on Monday, falling to ₦1,548.89 at the official foreign exchange market, down from ₦1,543.03 last Friday, according to FMDQ data. This represents a decline of ₦5.86 within one trading session.

Similarly, the naira depreciated slightly on the black market, closing at ₦1,667 per dollar compared to ₦1,665 at the end of last week.

Despite these fluctuations, the naira has maintained relative stability, trading between ₦1,545 and ₦1,660 at the official and parallel markets, respectively.

To address foreign exchange challenges, the Central Bank of Nigeria (CBN) recently introduced the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA). These initiatives aim to boost diaspora remittances and improve liquidity in the forex market.