Naira on Monday further weakened by 1.09 percent following increased demand for dollars in the parallel market, also known as black market.
During the morning trading on Monday, dollars were quoted at the rate of N820 as against the average rate of N811 on Friday.
“Individuals, especially those who want to travel for business or holiday are the ones buying dollars. We have dollars in the market, ” a trader told BusinessDay.
Read also: Nigeria’s June inflation surges marginally despite hike in petrol prices
At Investors and Exporters ( I&E), Naira depreciated as the dollar was quoted at N803.90 on Friday as against the previous close of N746.28 on Thursday, data from the FMDQ indicated.
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.
