The pressure on the foreign exchange (FX) market persisted on Monday as the Nigerian naira declined to N1,140 per dollar on the black market, driven by increased demand for the greenback from end users.
This reflects a 0.44 percent weakening compared to the N1,135 per dollar exchange rate observed on the market last Friday. During the morning trading session at CMS, some traders sold dollars at N1,100. In Ibadan, one dollar was traded for N1,150, while at the Lagos Airport, it was priced at N1,145/$1.
The free fall of the naira peaked at N1,310 per dollar on October 24, 2023, before strengthening to N1.020/$1 on November 3, 2023, according to data compiled by BusinessDay.
On the Autonomous Foreign Exchange Market (NAFEM), the naira appreciated by 5.87 percent, with the dollar quoted at N791.75 on Friday, compared to N841.14 on Thursday, as indicated by FMDQ data.
The official market recorded the highest spot rate of N1,120 per dollar and a lower rate of N701 on Friday. The daily FX market turnover increased by 23.60 percent to $157.78 million on Friday from $127.65 million recorded on Thursday.