Naira depreciates against dollar across official, black markets after Easter holidays
Nigeria’s currency, the naira, depreciated against the dollar at the official and parallel foreign exchange markets upon the resumption of work after Easter holidays.
The Central Bank of Nigeria’s data showed that it weakened to N1,602.63 per dollar on Tuesday from N1,599.93 exchanged on Thursday last week.
This means that it declined by N2.7 against the dollar on a day-to-day basis.
Similarly, the naira fell to N1620 per dollar on Tuesday from N1610 at the weekend.
The N1,620 dollar exchange rate at the black market is the same rate recorded on Thursday before the Easter holidays.
The development comes following the sustained slump in the dollar amid threats to US Federal Reserve independence and the tariff war.
