The Nigerian Naira weakened against the US Dollar in the official foreign exchange market on Monday, closing at N1,498.98 per Dollar. This marked a N6.49 loss, representing a 0.43% decline compared to its value on Friday, February 28, when it stood at N1,492.49 per Dollar.
The dip in value comes after the Naira experienced three consecutive days of appreciation the previous week. Despite this slight decline, financial experts note that the local currency has remained relatively stable due to ongoing reforms by the Central Bank of Nigeria (CBN), which aim to promote transparency and efficiency in the foreign exchange market.
Analysts also note that since December 2024, the Naira has shown steady progress, with CBN’s policies playing a crucial role in managing fluctuations. While the exchange rate remains a major concern for businesses and investors, many remain optimistic that further measures by the CBN will help maintain stability in the long run.
