Naira depreciates against dollar at official market

The naira opened the week with a slight depreciation on Monday, trading at N1,448.43 against the United States dollar at the official foreign exchange market.

Data from the Central Bank of Nigeria (CBN) showed the naira lost N1.69, representing a 0.1 per cent decline from Friday, November 28, when it traded at N1,446.74.

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Analysts attributed the minor loss to normal market adjustments, noting that the currency’s performance remains relatively stable compared with previous months of volatility.

The relative stability of the local currency has drawn commendation from investors, who say reforms in the foreign exchange market have improved confidence and predictability.

The Star