The Naira began the week on a negative note, depreciating against the U.S. dollar across both the official and parallel (black) markets, according to new data from the Central Bank of Nigeria (CBN).

At the official foreign exchange window, the Naira fell to ₦1,437.29 per dollar on Monday, down from ₦1,436.58 recorded at the close of trading on Friday. This represents a marginal loss of ₦0.71.

Similarly, at the parallel market, the local currency declined further, trading at around ₦1,465 per dollar, compared to ₦1,450 last Friday — a drop of ₦15.

The currency’s continued slide comes despite an uptick in Nigeria’s external reserves, which rose to $43.35 billion as of November 7, up slightly from $43.32 billion recorded the previous day, based on CBN figures.

Analysts say the weakening trend reflects sustained pressure on the forex market, driven by investor caution and geopolitical uncertainty following U.S. President Donald Trump’s designation of Nigeria as a “Country of Particular Concern.”

The designation, which raised concerns about possible diplomatic or economic fallout, has been linked to rising volatility in the naira and wider unease in Nigeria’s financial markets.