Naira Slips Marginally Against Dollar at Official Market, Black Market Unchanged
By Aboki Forex —
The naira started the week on a negative note, recording a slight depreciation against the US dollar at the official foreign exchange market on Monday. Data from the Central Bank of Nigeria (CBN) showed the local currency weakened to N1,362.21 per dollar from N1,362.09 on Friday, a drop of just N0.12.
Official Market Loss Minimal
At the official market, the naira depreciated by 12 kobo against the dollar compared to the previous trading session. The marginal loss follows a period of relative stability, with the currency having recorded gains against the dollar in both the official and black markets three days ago. The CBN daily foreign exchange data confirmed the slight softening in the official rate.
Black Market Holds Steady
Meanwhile, the parallel market showed no movement. The naira remained unchanged at N1,410 per dollar on Monday, the same rate recorded at the close of last week. The spread between the official and black market rates stood at about N47.79, indicating a modest gap that has persisted in recent days.
External Reserves at $52.01 Billion
According to the latest data from the apex bank, Nigeria’s external reserves stood at $52.01 billion. The reserves level provides a buffer for the central bank to intervene in the foreign exchange market if needed, though the current rate movements remain within a narrow band.
The 12-kobo depreciation is negligible in the broader context of naira movements, but it shows that demand pressure continues to nibble at the official rate. Traders will watch for CBN intervention signals in the coming sessions.