Naira Depreciates At Forex Markets

According to data published on the FMDQ website, the Nigerian Naira experienced a significant decline against the United States dollar in the official market on Monday.

Read Also Choir Mistress Caught On Pastor’s Matrimonial Bed Nak3d (VIDEO)

The local currency, which started the day at N781.99 to a dollar, concluded at N773.54 per $1 in the spot market segment, as per the data.

Read Also Tenant Records S3x With Landlord’s Daughter (VIDEO)

This represents a 4.3 percent or N31.69 depreciation from the N741.85 per $1 exchange rate observed in the official market last Friday.

Read Also See What They Did To President Tinubu Son, Seyi And Friends After They Traveled In Presidential Jet To Watch Polo Tournament In Kano (PHOTOS)

Throughout Monday’s business hours, the domestic currency traded between an intraday high of N700.00 and a low of N846.00, ultimately closing at N773.54, according to FMDQ data.

The total forex turnover during the business period amounted to $96.58 million.

In the parallel market, the naira weakened according to data from AbokiFX, a website that aggregates market rates in Lagos.

Based on the information published on the website, the naira was exchanged for the dollar at N1000 and sold at N1008 per $1.

This rate signifies an 0.8 percent or N8.00 depreciation from the N992.00 per $1 rate observed last Friday.

Over the past four months, the Naira has been on a weakening trend against the US dollar since the Central Bank of Nigeria (CBN) announced the consolidation of all forex windows into the Investors & Exporters (I&E) window.

At the time, the apex bank stated that this move was part of the Nigerian government’s strategy to enhance liquidity and stability in the market, as well as to attract foreign investors to the Nigerian economy.

However, since the announcement, the local currency has experienced a depreciation of over 50 percent across both the official and unofficial forex markets.