The Nigerian Naira experienced a decline in value on Monday, dropping to N1,395 against the dollar in the parallel market compared to its N1,386 closing rate last Friday. Similarly, the currency weakened within the Nigerian Foreign Exchange Market (NFEM).
Official figures released by the Central Bank of Nigeria indicate that the exchange rate in the formal market shifted to N1,385 per dollar, up from N1,384 at the end of the previous week. This shift represents a loss of one naira for the local currency. As a result, the price gap between the parallel and official exchange rates expanded from N2 to N9 per dollar.
Despite this devaluation, trading activity saw a notable increase. The interbank turnover in the NFEM climbed by 80.3 percent, reaching N223.9 million compared to the N124.2 million recorded on the prior Friday.
