The naira depreciated slightly against the US dollar in the official foreign exchange market on Monday, closing at ₦1,536.42/$1 compared to ₦1,535.03/$1 on Friday, according to Central Bank of Nigeria (CBN) data.
However, the naira strengthened in the parallel market, appreciating by ₦5 to close at ₦1,540/$1. Meanwhile, Nigeria’s external reserves rose by $242.08 million to $41.08 billion.
Analysts expect the naira to remain broadly stable in the near term, supported by sustained FX inflows and CBN interventions.