Naira Slides Marginally Against Dollar, Closes at ₦1536.58 on FMDQ as Black Market Stays Stable

The Naira dipped slightly against the U.S. dollar on Monday, marking a subdued start to the week in the foreign exchange market.

According to FMDQ data, the Naira closed trading at ₦1536.58 per dollar, compared to the ₦1534.56 rate recorded by the Central Bank of Nigeria (CBN) at the end of last week’s trading. This represents a marginal depreciation of ₦2.2.

In contrast, the parallel market maintained stability, with exchange rates holding firm between ₦1662 and ₦1665 per dollar. “We continued to sell between ₦1662 and ₦1665 on Monday, the same rate as last week,” Alhasan Baggazin, a Bureau de Change operator at Wuse Zone 4 in Abuja.

Notably, this decline marks a reversal from the Naira’s positive momentum since the start of the year. As traders monitor the market, all eyes remain on the policy direction of the Central Bank and global dollar trends.