The naira slumped against the dollar in the official market, down N3.01

Nigeria’s currency, the naira, depreciated against the US dollar at the official window on Monday.

Officially, Central Bank of Nigeria (CBN) foreign exchange data shows that the naira closed at N1,383.58/$1, compared with N1,380.57/$1 on Friday.

This represents a loss of N3.01 for the local currency against the American dollar.

On the black market, the Nigerian currency lost N5 against the American dollar, trading at N1,425/$1, compared with N1,420/$1 the previous day.

Also read: NGX: Equity markets record N276 billion loss to start the week in the red

The local currency lost N10 against the British Pound, trading at N1,920/£1, compared with N1,910/£1 the previous day.

The Naira continued to close flat against the Canadian dollar and traded at N1,000/CA$1, the same as the previous day’s exchange rate of N1,000/CA$1.

The naira lost N20 against the euro, trading at ₦1,630/€1, compared to the previous day’s ₦1,610/€1.