Exchange rate: Naira depreciates, begins November on negative note

The naira depreciated against the dollar at the official foreign exchange market on Monday, beginning November and the new trading week on a negative note.

Data from the Central Bank of Nigeria, CBN, showed that the naira weakened to N1,347.94 per dollar on Monday from N1,346.26 recorded on Friday.

This means that the naira depreciated by N1.68 against the dollar on the first trading day of November.

Meanwhile, at the parallel market, the naira remained stable at N1,390 per dollar on Monday, the same rate recorded last week.

The mixed sentiments across the foreign exchange markets came as Nigeria’s external reserves dropped to $55.22 billion as of October 30, from $55.24 billion recorded the previous day, according to official data from the apex bank.

Recall that on Friday, the naira appreciated at the official market while remaining unchanged at the parallel market.