Naira Opens Week With Further Depreciation

The naira began the new week on a negative note as it recorded further depreciation at the foreign exchange market on Monday, 13th January.

The Nigeria Foreign Exchange Market (NFEM) data published on  the Central Bank of Nigeria (CBN) website showed that the naira traded ₦1,550 per dollar at the official market. When compared with ₦1,544.50 per dollar exchange rate recorded on Friday, 10th January, it reflects ₦6 depreciation.

READ ALSO: Naira Records First Major Depreciation At Official Market In 2025

Similarly, the naira tumbled at the parallel market also known as black market on Monday. It closed trading at ₦1,670 per dollar against ₦1,660 the previous week.

The naira and dollar exchange rate has been on a steady rise, though marginally, since the onset of the new year.

The local currency has lost about ₦15 in value between 31 December 2024 and 13 January 2025.

Victor Ezeja

Correspondent at Prime Business Africa |  + postsBio

Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.

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