Naira Depreciates at Official Market, Gains N5 at Black Market

The naira depreciated against the United States dollar at the official foreign exchange market on Monday, starting the week on a negative note.

Central Bank of Nigeria data showed the naira weakened to N1,346.98 per dollar, from N1,346.43 on Friday last week. That means the naira lost N0.55 against the dollar on Monday, ahead of Tuesday's public holiday.

Black Market Moves Opposite

At the black market, the naira gained N5 to trade at N1,410 per dollar on Monday, up from N1,415 traded mainly last week.

The mixed movement leaves the gap between the official and parallel market rates at about N63 per dollar.