The naira began the week on a negative note, depreciating against the United States dollar across both the official and parallel foreign exchange markets.

According to data from the Central Bank of Nigeria (CBN), the naira fell slightly on Monday, trading at ₦1,437.29 per dollar compared to ₦1,436.58 recorded at the close of trading on Friday. This represents a marginal loss of ₦0.71 against the dollar.

Similarly, in the parallel market, the local currency declined by ₦15, exchanging at ₦1,465 per dollar on Monday, down from ₦1,450 recorded the previous Friday.

The depreciation occurred despite a continued increase in Nigeria’s external reserves, which rose to $43.35 billion as of November 7, up from $43.32 billion the previous day, according to CBN figures.

Daily Post reports that the naira closed last week with mixed performance following U.S. President Donald Trump’s designation of Nigeria as a Country of Particular Concern, a move that has stirred concerns among investors and market observers.