The value of the naira against the US dollar has taken a hit at the official market. The Central Bank of Nigeria's foreign exchange data reveals that the naira depreciated against the dollar on Monday.
The official exchange rate now stands at N1,353.90 for every dollar, a decline from the previous rate of N1,353.90 on Wednesday. This loss translates to a depreciation of N34.48 for the local currency.
The naira's decline is a reflection of the ongoing economic challenges facing the country.
