Naira Depreciates Further at Official Market Despite Rising External Reserves

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The Nigerian naira continued its downward trend at the official foreign exchange market on Monday, May 11, 2026. Data from the Central Bank of Nigeria (CBN) showed the local currency weakened to N1,373.16 per dollar, down from N1,361.39 recorded at the close of trading on Friday.

This represents a drop of N11.77 against the greenback in a single trading session. The depreciation comes as the naira resumes the week on a negative note.

At the black market, the naira held steady at N1,395 per dollar, unchanged from Friday’s rate.

The decline occurred despite a marginal increase in Nigeria’s external reserves. CBN data showed reserves rose to $48.36 billion on May 8, 2026, up from $48.33 billion recorded the previous day.

Recall that the naira also dipped against the dollar on Friday to close the previous week on a bearish note at the official market.

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