BREAKING: Exchange rate drops to N1,629 on official market

Nigeria’s foreign exchange market came under renewed pressure on Monday as the naira weakened to N1,629 per dollar at the official market.

This compared to N1,600/$1 reported at the close of trading on Friday.

This comes despite aggressive interventions by the Central Bank of Nigeria, which sold $124 million earlier in the day at rates between N1,595 and N1,611, following a $197 million sale on Friday.

The sustained depreciation suggests intensifying dollar demand and growing market unease as global financial markets react sharply to new U.S. tariff threats.