The Naira has lost 0.30 per cent of its value against the dollar as the foreign exchange (FX) market resumed trading Monday after the weekend.

Data from abokifx and some street traders showed that one dollar currently trades at N998, weaker than N995/$1 traded on Friday at the parallel market.

At the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official foreign exchange market, the naira depreciated by 1.32 per cent as one dollar was quoted at N747.76 on Friday as against N738.00/$1 quoted on Thursday.

Read also Naira pains exceed gains on weak CBN FX reform

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The continued naira depreciation has been attributed to strong demand for the greenback. Also, fiscal policies, external trade, and global market trends, including inflation rates, interest rates, policy events, and geopolitical factors, are key influencers affecting the Naira’s performance, according to Stears Africa FX Monitor, a data and intelligence company.

On Thursday, Nigeria’s Central Bank postponed a rate-setting meeting, known as the Monetary Policy Committee (MPC), scheduled for Sept 25-26.

A statement from the apex bank on Friday noted that Olayemi Cardoso, the new CBN governor who was recently nominated by President Bola Ahmed Tinubu, formally assumed duty, in an acting capacity, as the Governor of the CBN, pending his confirmation by the Senate.

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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.

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