Naira falls to N1,367.61/$ as official market resumes trading

The naira weakened to N1,367.61 per dollar on Monday, down from N1,361.84 at the close of trading last Friday, according to Central Bank of Nigeria data. The official market resumed the week with the naira losing N5.77 per dollar.

Official market rate slips

The CBN data put the Monday rate at N1,367.61 per dollar. The previous close was N1,361.84. The movement marked a depreciation of N5.77 per dollar at the official foreign exchange market.

The decline came despite a rise in the country's external reserves to $55.18 billion on Friday. The reserves figure was recorded before the Monday trading session.

Sharp loss last week

The naira had already recorded a sharp decline against the dollar from Thursday to Friday last week. It lost N22.12 per dollar in that period.

The latest movement extends the pressure on the local currency across the foreign exchange markets. The official rate is now weaker than the N1,361.84 close recorded last Friday.

What it means

The depreciation means dollar costs remain high for importers and consumers. A weaker naira raises the naira value of foreign currency obligations, even as external reserves rose to $55.18 billion.