The naira resumed its downward trend against the U.S. dollar across both the official and parallel (black) foreign exchange markets on Monday.

According to the Central Bank of Nigeria (CBN), the naira closed at ₦1,532.54/$1 at the official window, a slight depreciation from ₦1,532.34/$1 last Friday, reflecting a marginal drop of ₦0.20.

In the parallel market, however, the depreciation was more pronounced, with the naira plunging to ₦1,540/$1, down from ₦1,350/$1 traded just last week, a drop of ₦190.

The fall comes despite a brief recovery on Friday and follows recent reports that Nigeria’s Gross Domestic Product (GDP) has been rebased to ₦372.8 trillion in 2024.