On Monday, the naira’s value against the dollar continued to deteriorate in the foreign exchange market.
According to FMDQ data, the naira weakened by N2.11, reaching N1,611.40 per dollar on Monday, compared to N1,609.29 last Friday.
Likewise, the naira-to-dollar exchange rate in the black market decreased by N5 to N1,600 on Monday, down from N1,595 the previous week.
Despite the Central Bank of Nigeria’s sale of $148 million to 29 authorized FX dealers last week, this downward trend persisted.
Reportedly, the Central Bank had distributed a total of $254.5 million to legitimate FX dealers in the past two weeks.