Nigeria’s currency depreciated significantly by 1.24 percent to per N409.67k dollar on Monday from N404.67k on Friday at the Investors and Exporters (I&E) forex window. The naira weakness followed strong demand as dollar scarcity worsened.
The foreign exchange daily market turnover declined significantly by 242.07 percent to $28.21 million on Monday compared with $96.50 million
The domestic currency closed at N404.67 on Friday, implying a N4.67 or 1.17 per cent devaluation from N400.00 the rate it closed at the previous session on Thursday.
Naira depreciated against the greenback currency as turnover contracted by 22.10 per cent, with $96.50million recorded as against the $79.07million posted on Wednesday.
The currency touched an intraday high of N386. 00 and oscillated to a low of N422.59 before closing at N404.67 on the spot market(I&E).
On the parallel market, data posted on naijabdcs.com, the unofficial market that collates data in Lagos, Abuja, Kano and Port Harcourt(PH)where naira is traded, showed the currency gained, closing at N473.5 in Lagos and N473 in the other three states respectively. It closed at N475 on Thursday.
This leaves a spread of N68.83 between the unofficial market and the I&E window exchange rates, which translates to a gap of 14.54 per cent.
The CBN’s official rate on Wednesday at the I&E window was still N379 per dollar.