Nigeria’s foreign exchange market faced intense pressure on Monday, with the Naira sinking to N1,629 per dollar in the official market.
This represents a significant decline from Friday’s closing rate of N1,600/$1.
Despite the Central Bank of Nigeria’s attempts to stabilise the currency, having sold $124 million at rates ranging from N1,595 to N1,611, the Naira continued to weaken.
This followed a $197 million sale on Friday.
The persistent depreciation indicates escalating demand for dollars and growing unease in the market, further fuelled by global financial market volatility in the wake of new U.S. tariff threats.
