Naira dropped to N1,612 per dollar at the official foreign exchange (FX) market on Monday.
Gatekeepers News reports that this marks the lowest since December 4, 2024, when the price of a dollar was N1,613.69.
At the Nigeria Foreign Exchange Market (NFEM), naira depreciated by 2.89 per cent to N1,612.23/$ on Monday – from N1,567.02 traded on April 4.
At the parallel section of the market, naira depreciated by 3.51 per cent to N1,620 per dollar on April 8 — from N1,565 per dollar on April 7.
Recall that Central Bank of Nigeria (CBN) sold $197.71 million to authorised dealers to boost liquidity in the foreign exchange (FX) market on Sunday, April 6.
The apex bank noted that the sale was made to ensure a stable and efficient FX market.
CBN added that the dollar sale was needed because the tariff increase has triggered a period of adjustment across global markets
