The Naira on Monday recorded significant depreciation against the United States Dollar at the official foreign exchange market to begin the new trading week on a negative note.

The Central Bank of Nigeria’s data showed that the Naira dipped on Monday further to N1,405.62 per dollar, down from

N1,393.26 traded at the close of work on Friday, 6th March 2026.

This means that the local currency dropped significantly by N12.36 against the dollar on Monday.

At the black market, the Naira weakened by N5 to N1,420 per dollar on Monday, up from N1,415 exchanged on Friday, according to multiple Bureau de Change operators in Wuse Zone 4, Abuja.

The Naira has recorded two consecutive weeks of depreciation against the dollar.

The downward trend of the Naira comes despite the surge in the country’s external reserves, which stood at $49.94 billion as of last week Friday.