See Exchange Rate Tonight As Naira Massively Depreciates Against Dollar

Naira has massively depreciated against the dollar.

NewsRain Nigeria reports that the Naira depreciated massively against the dollar at the official foreign exchange market on Monday.

Central Bank of Nigeria’s data showed that the Naira dropped to N1,388.38 per dollar on Monday on from N1,353.90 on Wednesday last week before the holiday.

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This means that the Naira weakened by N34.48 per dollar on Monday when compared with N1,353.90 exchanged last week.

Meanwhile, at the black market, the Naira stood at N1,412 per dollar, up from N1,420.

The local currency recorded depreciation against the dollar before the holiday after days of rallying in the currency market.