This comes as the apex bank said the country’s external reserves grew to $38.8 billion in 2024.
The naira opened the week on a downward trend, depreciating to N1,605.62 per dollar at the official market on Monday from N1,602.18 last Friday—a N3.44 drop. The Central Bank of Nigeria (CBN) reported the decline despite revealing a rise in external reserves to $38.8 billion in 2024.
At the black market, the naira fell further to N1,610 per dollar on Monday from N1,605 last week. The sustained depreciation comes as the CBN grapples with forex liquidity challenges, even with growing reserves. Analysts attribute the slide to persistent dollar demand outpacing supply.
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