Naira Falls at Official Market: Marginal Depreciation Recorded

The Naira experienced a slight depreciation against the U.S. dollar in the official forex market on Monday. According to market data from FMDQ, the Naira closed at N1,508.99/$1, compared to N1,505.30/$1 in the previous session last Friday.

During the intraday trading, the Naira hit a high of N1,441.00 and a low of N1,536.00 before settling at N1,508.99/$1. The spot market segment saw a foreign exchange turnover of $122.31 million, indicating active trading volumes.

In the parallel market, the dollar saw a marginal gain on Monday. After a slight dip on Friday, the dollar was exchanged at N1,498.821 during the day. However, currency traders in Abuja’s zone 4 reported that it eventually closed at N1,500/$1, down from N1,525/$1 on Friday.

Recently, the Naira’s value against the dollar has hovered between N1,400 and N1,500 in both official and unofficial markets, despite government efforts to stabilize the local currency.