Naira records massive depreciation against Dollar after Eid-ul-Fitr holidays

The Naira depreciated sharply against the dollar at the official foreign exchange market on Monday, upon resumption of trading after the Eid al-Fitr break.

Central Bank of Nigeria’s data showed that the Naira dropped to N1,388.38 per dollar on Monday on from N1,353.90 on Wednesday last week before the holiday.

This means that the Naira weakened by N34.48 per dollar on Monday when compared with N1,353.90 exchanged last week.

Meanwhile, at the black market, the Naira stood at N1,412 per dollar up from N1,420.

The local currency recorded depreciation against the dollar before the holiday after days of rallying at the currency market.