Naira Depreciates 2.5% Post-Eid, Hits N1,388/Dollar
Naira plunges 2.5% against dollar on Monday after Eid break, reaching N1,388/Dollar vs N1,353.90 pre-holiday. Central Bank data confirms sharp drop from N1,353.90 Wednesday to N1,388.38 Monday. Black market rate also weakens to N1,412/Dollar. This follows weeks of currency rallies before Eid. Impact: Higher import costs, potential inflation. Will you adjust budgets or consider currency hedging strategies?