Nigeria's currency took another hit on Monday as the Naira weakened sharply at the official forex market.
Central Bank data showed the local unit dropped to N1,373.16 against the dollar. This marked a decline from Friday's closing rate of N1,361.39.
The currency lost N11.77 in just one trading session. Traders noted the weak start to the week.
On the parallel market, conditions remained unchanged. The Naira held steady at N1,395 per dollar, mirroring Friday's level.
Interestingly, Nigeria's external reserves climbed to $48.36 billion on May 8. The Central Bank reported the increase from $48.33 billion the previous day.
Despite growing foreign exchange buffers, pressure on the Naira persisted. Analysts said several factors weighed on investor confidence.
Friday had already proven difficult for the currency at official markets. Weakness continued into the new trading week without relief.
