Naira weakens against US Dollar at official Forex market

At the official foreign exchange market on Monday, the value of the Naira declined versus the US dollar.

According to FMDQ data, the Naira ended the day at N1508.99 versus the US dollar, down from N1505.30 on Friday.

By comparison, the N3.69 appreciation against the dollar marks a slight improvement over the N1505.30 transacted on Friday.

On the other hand, the Naira appreciated against the dollar on the black market, trading at N1510 on Monday after closing at N1515 last week.

This is a gain of N5 relative to the dollar as of Monday’s opening of trade.

According to the figure, there was a N1.31 discrepancy between the two FX markets.

Despite an increase in Nigeria’s foreign exchange reserves, which topped $34.14 billion last Friday, there were mixed trading emotions in both foreign exchange exchanges.

Remember that the Central Bank of Nigeria instructed all banks to deposit any surplus foreign exchange to its branches in Abuja and Lagos last week?