The Naira continued to depreciate against the dollar in the foreign exchange market on Monday.
FMDQ data showed that the Naira fell to N1,681.42 per dollar on Monday, from N1,678.87 exchanged last Friday, representing a N2.55 loss against the dollar.
The Naira suffered a similar fate on the black market. A Bureau De Change operator, Abubakar Alhasan, said: “We bought at N1,728 and sold at N1,735 on Monday evening. Last week Friday, we sold at N1,720.”
The Central Bank of Nigeria (CBN), last week 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.