Find out more as naira loses ground against dollar in official, black markets

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The naira depreciated slightly against the US dollar in both the official and parallel marketsNew CBN data shows a marginal decline in the NAFEM window, with the currency also weakening at the black marketAnalysts expect the CBN’s updated FX manual to improve market flexibility and compliance.

The Nigerian naira began the new trading week on a bearish note on Monday, falling in value against the US dollar on both the official and parallel foreign exchange markets.

In the parallel market, the naira dropped N5 to $1 for N1,380/1$, from N1,375/1$ previously.

The Nigerian currency also weakened by N1 to trade at N1,373/1$ against the dollar on the GTBank FX desk. It opened the trading day at N1,372/1$.

CBN data shows marginal decline in NAFEM trading window Photo: Bloomberg
Source: Getty Images

Meanwhile, in a chat with Legit.ng, Aminu Gwadabe, the President of the Association of Bureau de Change Operators of Nigeria (ABCON) said:

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