The naira depreciated against the US dollar at both the official and parallel foreign exchange markets on Monday, starting the week on a negative note.
Data from the Central Bank of Nigeria, CBN, showed that the naira weakened to N1,349.34 per dollar on Monday, compared with N1,346.80 recorded on Friday last week.
This means the naira depreciated by N2.54 against the dollar at the official market.
Similarly, the naira lost N15 against the dollar at the parallel market, trading at N1,425 on Monday compared with N1,410 recorded at the close of business on Friday.
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Crude oil prices remain below $100The development comes as Nigeria’s external reserves declined to $55.06 billion as of November 6, 2026 according to the apex bank data.
Earlier, Daily Post reported that the country’s foreign reserves fell by $90 million in five days to $55.13 billion as of November 5.
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