Naira slightly depreciates by 0.1% against dollar

The Naira on Monday opened the week with a slight depreciation, trading at N1,448.43 against the Dollar at the official foreign exchange market.

Data from the Central Bank of Nigeria showed the Naira lost N1.69, representing a 0.1 per cent decline from Friday, Nov. 28, when it traded at N1,446.74.

Analysts attributed the minor loss to normal market adjustments, noting that the Naira’s performance remains relatively stable compared with previous months of volatility.

The relative stability of the Naira has drawn commendation from investors, who say reforms in the foreign exchange market have improved confidence and predictability.

CBN Governor, Mr Olayemi Cardoso, highlighted reforms that reduced opacity, curbed market manipulation, and restored discipline, creating a more transparent and efficient FX trading environment.

Speaking at the 2025 60th Annual Bankers Dinner in Lagos, Cardoso said the Naira now trades within a narrow, stable range, benefiting both businesses and investors.

He emphasised the dramatic reduction of the gap between official and parallel market rates, now under 2 per cent, down from over 60 per cent previously.

Cardoso added that sustained reforms and consistent policies are essential to maintaining stability, boosting investor confidence, and supporting Nigeria’s broader economic growth objectives.