The naira declined to N1,528.03/$1 in the official market on Monday, dropping 0.66% to N1,528.03 from last week’s closing rate of N1,517.93/$1.
This downturn comes after the naira closed on a positive note last week, recovering earlier losses. However, the currency could not sustain the momentum, reversing the previous session’s profit.
During Monday’s trading session, the exchange rate fluctuated between N1,552/$1 at its highest and N1,512/$1 at its lowest, according to data from the Nigerian Foreign Exchange Market (NAFEM).
In the parallel market, however, the naira gained ground by 0.63%, appreciating N1,575/$1 from Friday’s rate of N1,585/$1.
Conversely, the naira depreciated against the British pound, dropping 0.75% to N2,000/£1 from N1,985/£1, and also weakened slightly against the euro, falling 0.30% to N1,660/€1 from N1,655/€1.
Despite the Central Bank of Nigeria (CBN) intervention, NAFEM experienced strong demand pressure today, contributing to the naira’s drastic decline against the dollar in the foreign exchange market.
