During Monday’s trading period, the national currency traded within an intraday high of N700.00 and a low of N846.00 before finally closing at N773.54, as per the FMDQ data. The Forex turnover recorded during the trading period was $96.58 million.
According to data published on AbokiFX, a website that provides market rates in Lagos, the naira has weakened in the parallel market. The exchange rate for the dollar was recorded at 1,000 naira for one dollar and sold at 1,008 naira for one dollar. This shows a depreciation of N8.00 or 0.8 percent from N992.00 per dollar, which was recorded last Friday.
The Central Bank of Nigeria (CBN) announced the closure of all foreign exchange windows in the Investors and Exporters (I&E) window, causing the Naira to weaken against the dollar in the last four months. The move was made by the Apex Bank as part of the Nigerian government’s efforts to improve liquidity and stability in the market and attract foreign investors to the Nigerian economy.