The naira extended its losing streak against the United States dollar at the official foreign exchange market on Monday, opening the new trading week on a weaker note.
According to data released by the Central Bank of Nigeria, CBN, the local currency depreciated to N1,383.63 per dollar on Monday from N1,380.93 recorded at the close of trading last week.
The latest figure represents a decline of N2.70 for the Nigerian currency compared to Friday’s official exchange rate.
However, the naira remained unchanged at the parallel market, where it traded at N1,395 per dollar, the same rate recorded at the close of business on Friday.
A Bureau de Change operator in Wuse Zone 4, Abuja, Bengazzi Abubakar, told DAILY POST that the buying rate stood at N1,385 per dollar, while the selling rate remained at N1,395.
“We buy US dollars at N1,385 and sell at N1,395 per dollar,” he said.
Meanwhile, the country’s external reserves remained above the $51 billion mark. Data from the apex bank showed that Nigeria’s foreign reserves stood at $51.29 billion as of June 26, 2026.
The movement in the exchange rate comes as market participants continue to monitor developments in the foreign exchange market and the CBN’s policy measures aimed at improving liquidity and stabilising the value of the naira.
