The naira closed at N1,596.60 per dollar on Monday, marking a 1.66% depreciation from Friday’s rate of N1,570.14 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This decline in value occurred as dollar liquidity in the official foreign exchange market decreased, with the daily FX market turnover dropping by 14.80% to $102.93 million from $120.81 million recorded on Friday.
During Monday’s trading, the naira’s intraday high reached N1,610 per dollar, while the intraday low was N1,500.
Meanwhile, in the parallel market, the naira slightly strengthened, gaining N5 to close at N1,610 per dollar compared to N1,615 on Friday.
Analysts noted that while the official rate showed some appreciation earlier in the week, the parallel market rate continued to weaken.
Concerns remain about inflation and its impact on the foreign exchange market, with expectations that authorities may maintain high interest rates to manage liquidity and support the naira.