Naira records highest single-day depreciation against US dollar

The Naira recorded the highest single-day depreciation against the United States dollar at the official foreign exchange market to resume the week on a negative note on Monday.

The Central Bank of Nigeria’s data showed that the Naira dropped to N1,378.03 per dollar as currency trading resumed on Monday, down from N1,363.39 recorded last week Friday.

This means that the Naira weakened significantly by N14.64 per dollar, the highest single-day dip by the Naira so far this year.

Also, at the black market, the Naira lost N5 against the dollar to close at N1380 per dollar on Monday, down from N1,375 on Friday.

Downtrend at both foreign exchange markets further indicated that the gap shrank to only N1.97.