Nigeria’s currency on Monday weakened by N1.00k as the dollar traded at N458 compared with N457 traded on Friday on the black market.

The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a result of Covid-19 pandemic.

Naira remained stable as the dollar was sold for N457 at the Bureau De Change segment of the foreign exchange market.

The Central Bank of Nigeria (CBN) is expected to allocate some dollars to the BDC on Tuesday after funding their account on Monday.

Related News

At the Investors and Exporters (I&E) forex window, Naira depreciated by 0.04 percent as the dollar was quoted at N386.00 as against the last close of N385.83. Analysts at FSDH research said most participants maintained bids between N359.50 and N393.00 per dollar.

Last week, Nigeria’s FX reserves declined by $31.16 million week-on-week to $35.72 billion, as FX outflows outpaced inflows. Over the third quarter of 2020, total foreign inflows were $272 million, while outflows added to $1.94 billion, a report by FSDH stated.

The daily foreign exchange turnover declined by 24.09 percent to $102.35 million on Monday from $134.83 million recorded on Friday, data from FMDQ indicated.

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.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp