The naira fell in the official market on Monday as it closed at N1,605.63/1$, a 0.22% decline from its previous close of N1,602/$1.
According to data from the Nigeria Foreign Exchange Market (NFEM), the naira experienced demand pressure during Monday’s trading session as it fluctuated as high as N1,611/$1 to as low as N1,601.98/$1 before finally settling at N1,605.63/$1.
The currency depreciated in the foreign exchange market on Monday marks the continuation of the naira fall after closing in a decline last Friday, after maintaining relative stability for a week.
However, the Nigerian currency appreciated in the parallel market as it closed at N1,590/$1, a 0.63% improvement from last Friday’s close of N1,600/$1.
Against the British pound, the naira depreciated by 0.24% to N2,110/£1, from its prior close of N2,100/£1. Similarly, the naira dropped against the euro to N1,775/€1, a 0.28% drop from the prior close of N1,770/€1.
The week began with the naira losing ground against the dollar after a period of relative stability, stressing the instability in Nigeria’s foreign exchange market.
The Central Bank of Nigeria (CBN) is expected to maintain its interventions to stabilize the market and support the naira.
