Naira on Monday weakened to an all-time low of N960 following strong demand for dollars at the parallel market, also known as the black market.
This represents 0.52 per cent loss over N955 per dollar traded on Friday.
The naira depreciation continued even after President Bola Tinubu appointed Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN) on Friday.
Read also Tinubu names Cardoso new CBN Governor
At the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official FX market, the naira strengthened by 2.96 percent as the dollar was quoted at N756.91 on Friday compared to N780.00 on Thursday, slightly weaker than N758.12 on Wednesday and N742.10/$1 mentioned on Tuesday, data from the FMDQ indicated.
The dairy foreign exchange (FX) market turnover declined by 34.21 per cent to $45.88 million on Friday from $69.74 million recorded on Thursday.
A stable exchange rate, inflation rate and single-digit interest rate are being highlighted as the topmost priority for Cardoso,
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Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
