According to FMDQ data, the official foreign exchange market witnessed a substantial depreciation of the naira by N79.88 against the dollar.
On Monday, the naira’s closing rate was N1,419.11 per US dollar, a noticeable decline from the previous Friday’s rate of N1,339.23.
This signifies a 5.6% depreciation against the dollar compared to the rate of N1339.23 on Friday.
Simultaneously, the naira’s value decreased to N1,280 per dollar at the parallel market section on Monday, showing a drop from N1,300 over the weekend.
The widening gap between the official and parallel markets now stands at N139 per dollar, indicating a growing disparity.
In response to the recent naira depreciation, Bureau De Change operators proposed aligning the retail segment of the foreign exchange market to address the issue.
Despite months of appreciation, the naira has started experiencing depreciation against the dollar in recent weeks, with experts attributing the downturn to naira speculators, Binance, and other cryptocurrency platforms.