Despite the Central Bank of Nigeria’s aggressive interventions, which included selling $124 million at rates between N1,595 and N1,611 earlier on Monday, the naira continued to slide.
Nigeria’s foreign exchange market faced renewed pressure on Monday, with the naira weakening to N1,629 per dollar at the official market. This represented a decline from N1,600/$1 reported at the close of trading on Friday.
Despite the Central Bank of Nigeria’s aggressive interventions, which included selling $124 million at rates between N1,595 and N1,611 earlier on Monday, the naira continued to slide. “The sustained depreciation reflects intensifying dollar demand and growing market unease,” experts said, as global financial markets respond to new U.S. tariff threats.