The Naira depreciated against the dollar at the official foreign exchange market on the first trading day of February, while it remained stable in the black market.
According to data released by FMDQ, the Naira declined to N1,495.60 per dollar on Monday, compared to N1,478.78 recorded on Friday of the previous week. The figures indicated that at the official window, the currency weakened by N16.82 against the dollar at the commencement of the new month.
Conversely, at the parallel foreign exchange market, the Naira retained its position at N1,610 per dollar on Monday, reflecting no change from last week's closing rate.
The decline in the currency's value followed a trend of persistent depreciation against the dollar and other foreign currencies in recent weeks. The sustained weak performance underscored ongoing economic challenges affecting the foreign exchange landscape.
On Monday, the Central Bank of Nigeria extended the foreign exchange sales period for authorised Bureau De Change operators until 30 May 2025. The continuation of this policy could be attributed to the stability observed in the black market, ensuring no immediate fluctuations in exchange rates outside the official trading platform.
