Naira begins week with depreciation
The naira continued to depreciate against the dollar in the foreign exchange market on Monday.
FMDQ data showed that the naira fell to N1681.42 per dollar on Monday from N1678.87 exchanged last Friday, which represents N2.55 loss against the dollar.
The naira suffered a similar fate on the black market. A Bureau De Change operator, Abubakar Alhasan, told DAILY POST: “We buy at N1728 and sell at N1735 on Monday evening. Last week Friday, we sold at N1720.”
Last week, the Central Bank of Nigeria, CBN, authorised commercial, merchant, and non-interest banks in the country to manage tradeable foreign currencies deposited in domiciliary accounts established through the new Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme.
However, despite CBN’s interventions, the naira continued to experience fluctuations in the FX market.
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