The naira on Monday maintained losses, closing at N1,681.42 per dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM), a slight depreciation from Friday’s rate of N1,678.87. This reflects a persistent weakening trend in Nigeria’s currency amid limited dollar supply and rising demand pressures.
The FX market also witnessed a steep drop in daily turnover, falling by 66.43% to $471.5 million on Monday, down from $1.4 billion on Friday, according to FMDQ Securities Exchange data. The intraday high on Monday reached N1,695 per dollar, while the lowest exchange rate recorded was N1,631, marking a continued fluctuation in rates.
On the parallel market, or black market, the naira declined further, reaching N1,740 per dollar, down from N1,732 last Thursday. This widening gap between official and parallel market rates underscores the ongoing liquidity crunch in Nigeria’s foreign exchange market.
