Naira plunges to N1,629/$1 as demand for dollar intensifies

Nigeria’s foreign exchange market came under pressure on Monday, with the Naira depreciating to N1,629 per dollar at the official market.

This marks a significant drop from Friday’s close of N1,600/$1.

Despite the Central Bank of Nigeria’s efforts to stabilize the currency, selling $124 million at rates between N1,595 and N1,611, the naira continued to weaken.

This follows a $197 million sale on Friday.

The sustained depreciation suggests growing dollar demand and market unease, exacerbated by global financial market volatility amid new U.S. tariff threats.