Nigeria’s official currency, Naira has continued to decline as a result of the Central Bank of Nigeria’s order to allow the free flow of the country’s exchange rate in June on the official Investor & Exporter forex window. Before this move, the naira traded at the official market on the FMDQ at 471.67/$ and at the parallel market at 765/$ in June.
Dollars exchanged on the Investor & Exporter forex window rose by 46.69 per cent to $123.25m on Monday.
As of Friday, the revenue of dollars in the official market was $84.02m, which increased to $123.25m on Monday. Also, the naira depreciated by 1.96 per cent to N795.41/$ as of the close of business on Monday after closing trading at N780.14/$ on Friday according to data from FMDQ OTC Securities Exchange. Worthy to note that on Monday, trading opened at N780.83/$ before closing at N795.41/$.
Nonetheless, during trading the naira exchanged for as high as N1099/$ and as low as N701/$. Meanwhile, on the parallel market, the naira continued its fall, depreciating by 4.55 per cent to N1,150/$ from the N1,100/$ it traded for on Friday.
