Naira starts new week poorly against US dollar

Nigerian currency has kicked off the new week on a negative note as its value depreciated once again.

According to the Central Bank of Nigeria (CBN) Naira on Monday exchanged at the interbank market at N416.34 to a dollar.

This indicates a 0.01 percent drop in value when compared to N416.27 to a dollar it closed last week.

Read also: Naira depreciates to N416.67 against dollar

It was also a bad day for Naira against the Pound Sterling as it depreciated to N548.5/£1 compared to the previously traded rate of N553.13/£1.

It was a better story for Naira against the Euro as it settled at N452.6/€1 in contrast to 456.9/€1 it was traded on Friday last week

At the black market, traders opened the new week trading at above N575.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now