Naira depreciates to ₦1,498.98/$1 after 3-day gain

The Naira depreciated in the official market on Monday, trading at ₦1,498.98 to a Dollar.

Data from the Central Bank of Nigeria (CBN) showed the Naira lost ₦6.49.

This represents a 0.43% decline compared to Friday, February 28, when it closed at ₦1,492.49 to the Dollar.

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The loss followed a three-day appreciation recorded the previous week.

In spite of this, the Naira has remained relatively stable against the US Dollar due to CBN’s reforms promoting transparency in the Foreign Exchange (FX) market.

Analysts continue to commend the CBN for the local currency’s steady progress since December 2024.

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