The naira fell in the official market on Monday, closing at N1,549/$1, a decline from last week’s close of N1,547/$1.
The naira began the week in decline setting a downward trajectory from the start of the week amid foreign currency demand pressures.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira fluctuated between N1,545/$1 and N1,551/$1 during the day’s trading.
In the parallel market, the naira recorded a mixed performance against major foreign currencies. The Nigerian currency appreciated against the dollar to N1,590/$1, up from last week’s close of N1,595/$1.
Against the British pound, the naira declined to N2,140/£1, from a prior close of N2,135/£1. While the naira appreciated against the euro to N1,775/€1, from last Friday’s close of N1,780/€1.
The Central Bank of Nigeria (CBN) has continuously provided support for the currency, supporting the naira’s performance.
However, with external pressures as oil price fluctuation and uncertainty this puts pressure on the currency destabilising its momentary stability.
