The Naira depreciated in the official market on Monday, trading at 1,498.98 Naira to a Dollar.

Data from the Central Bank of Nigeria, CBN, showed the Naira lost 6.49 Naira, which represents a 0.43 percent decline compared to Friday, February 28, when it closed at 1,492.49 Naira to the Dollar.

The loss followed a three-day appreciation recorded the previous week, as the Naira seems to be relatively stable against the US Dollar due to CBN’s reforms promoting transparency in the Foreign Exchange, FX, market.

Meanwhile, analysts continue to commend the CBN for the local currency’s steady progress since December 2024.