The naira continues to struggle as it dropped further against the dollar on Monday, January 13. At the official exchange market, new data from FMDQ revealed that the naira weakened to N1,548.89 per dollar. This is a drop of N5.86 compared to Friday’s closing rate of N1,543.03.

The story was similar in the black market, where the naira closed at N1,667 per dollar, slightly lower than Friday’s N1,665.

Despite this decline, the naira remained relatively stable throughout the day, trading between N1,545 and N1,660 across the official and parallel markets.

The currency’s consistent drop highlights the growing pressure on Nigeria’s exchange rate system and the need for effective measures to stabilize the naira.