The naira opened the week in a decline as it fell to N1,545/$1 in the black market on Monday, down from its previous week’s close of N1,540/$1.
As the demand for foreign currencies mounted, the naira also declined against the euro, as the euro buy price rose to N1,775/€1, and sold for N1,800/€1 on the first day of the week.
However, the naira movement recorded a mixed performance, despite depreciating against other foreign currencies, the Nigerian currency strengthened against the British pound to N2,080/£1 from its prior rate of N2,090/£1 while it sold for N2,100/£1 from N2,110/£1.
In the official market, the naira’s performance was similarly to the black market as it opened the week lower at N1,534/$1, a mild depreciation from its last Friday close of N1,533/$1.
During the day’s trading session, the pair fluctuated between N1,532/$1 and N1,535/$1 on Monday.
The naira’s slow start to the week highlights ongoing pressure in the foreign exchange market. However, market participants continue to watch the naira while monitoring developments that could influence the currency’s performance.
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