MON MAY 19 2025-theGBJournal| The Nigerian currency weakened broadly on Monday, dropping 0.1% to N1,605/US$1 at the official exchange rate market amid dampened foreign investment sentiment.
The currency closed at N1,603/US$1 on Friday, backed by improved market sentiment in the cause of the week, and reducing the year-to-date depreciation to 3.80% from 4.28%.
The reverse was the case in the parallel market where the Naira depreciated by 0.12% w/w at N1,627.00/US$1.
Furthermore, the gross foreign reserves as published by the Central Bank of Nigeria (CBN) rose for the third consecutive week, increasing by 0.55% (or US$211.49mn) to close at US$38.34bn (as of 15th May).
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