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Naira Watch

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.

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