The naira experienced a sharp decline on Monday, falling to N1,530 per dollar due to a renewed shortage of foreign exchange supply in the official market.
Data from the Central Bank of Nigeria (CBN) revealed that after Monday’s trading session, the local currency depreciated by N19.91 (0.8 percent), with the dollar quoted at N1,530.15 compared to N1,517.24 on Friday at the Nigerian Foreign Exchange Market (NFEM).
Further analysis showed that authorized dealers quoted the highest exchange rate at N1,540, an improvement from Friday’s N1,615.
Meanwhile, the lowest recorded rate on Monday was N1,512, slightly weaker than the N1,505.75 quoted on Friday.
In the parallel market, also known as the black market, the naira remained stable, trading between N1,570 and N1,580 per dollar, based on figures from street traders and online monitoring platforms.
The naira also weakened against other major currencies. It depreciated by 4.2 percent against the British pound, closing at N2,010 on Monday, down from N1,925 on Thursday. Similarly, the euro was exchanged at N1,660, reflecting a loss of N40 compared to the N1,620 rate recorded on Thursday.
For the Canadian dollar, the naira dropped by 4.3 percent, with the exchange rate standing at N1,150 on Monday, compared to N1,200 the previous week.
Meanwhile, the CBN reaffirmed its commitment to best practices in the foreign exchange market, emphasizing its alignment with the FX Global Code—a globally recognized standard for good practices.
In a statement, the apex bank assured market participants that it remains dedicated to regulating FX activities in accordance with these principles.
The endorsement was formally signed by CBN Governor Olayemi Cardoso, Deputy Governor for Economic Policy Muhammad Sani Abdullahi, and Omolara Omotunde Duke, Director of the Financial Markets Department.
