The Nigerian naira weakened marginally at the official foreign exchange market, closing at ₦1,420.5 to the US dollar on Monday, as global dollar sentiment softened amid renewed concerns over U.S. economic and geopolitical risks.
According to data published on the Central Bank of Nigeria (CBN) website, the local currency depreciated slightly from its previous close, even as conditions improved in the parallel market.
CBN data showed the naira closed at ₦1,420.5/$ on Monday, compared with ₦1,417.95/$ at the end of trading on Friday. Meanwhile, parallel market data tracked by Nairametrics indicated the naira strengthened to ₦1,483/$, up from ₦1,490/$ recorded late last week.
The widening difference between the official and parallel rates — a gap of ₦73 — highlights ongoing foreign exchange supply constraints and distortions between Nigeria’s formal and informal currency markets.
Globally, the U.S. dollar retreated for a second consecutive session in Asian trading, with the dollar index falling about 0.3 per cent to its lowest level since January 12, amid renewed policy and geopolitical uncertainty in the United States.
Analysts linked the dollar’s weakness to investor unease following fresh tariff threats and diplomatic tensions involving the U.S. and European allies.
Image Credit :Nairametrics
Source: Nairametrics
