On Monday, the naira depreciated in both the official and parallel markets, reaching rates of 1,670.75/$ and 1,748/$, respectively, as daily foreign exchange turnover in the official market dropped by 71% to $81.17 million.
This decline comes as projections suggest that exchange rates will remain within a close range across market segments, largely due to the Central Bank of Nigeria’s heightened focus on strategic FX interventions.
According to Muazu Yakubu, a Bureau de Change operator at the Lagos airport, the naira sold for 1,748/$ and was bought at 1,742/$.
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Another operator, Mallam Faruq on Lagos Island, reported that the currency traded at 1,746/$ for sales and 1,740/$ for purchases.
On the Nigerian Autonomous Foreign Exchange Market (NAFEM), managed by the FMDQ Exchange, the naira dropped to 1,670.65/$ on Monday from 1,600/$ on Friday, with a turnover of $284.93 million.
By the end of the official trading session on Monday, the naira’s rate ranged from a high of 1,677/$ to a low of 1,585.67/$.
In the previous week, the parallel market showed a slight drop of three basis points for the naira, settling at 1,740/$ against the USD. In contrast, at the NAFEM window, the currency strengthened by four basis points to trade at 1,600/$ week-on-week.
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