Naira Weakens Across Markets as FX Pressures Persist on Dec 1

The naira weakened slightly against the U.S. dollar on Monday, December 1, across both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,465/$1 for buying and ₦1,475/$1 for selling, reflecting a ₦5.33 depreciation from Friday’s closing rate of ₦1,470/$1.

At the official window, the local currency slipped to ₦1,446/$1, the same rate traded over the weekend, but lower than the ₦1,443/$1 recorded at the end of last week’s session.

Analysts noted that the movements across both markets highlight the persistent pressure on Nigeria’s foreign exchange landscape. They attributed the continued volatility to speculative trading and ongoing uncertainty around the Central Bank of Nigeria’s policy direction.