Naira exchanges with dollar at N1,164

The pressure on the foreign exchange (FX) market continued on Monday, with the Nigerian naira depreciating to N1,164 per dollar on the parallel market, popularly called the black market.

This represents a 1.21 per cent drop compared to N1,150 per dollar traded on Friday at the same market.

Due to the shortage of greenback, the naira depreciation followed strong demand for dollars by individuals and importers who could not meet their FX needs at the official market.

At the Autonomous Foreign Exchange Market (NAFEM), the naira strengthened against the dollar despite a drop in dollar liquidity on Friday.

The local currency lost 16.88 as the dollar was quoted at N794.89 on Friday as against N956.33, which closed on Thursday at NAFEM, data from the FMDQ indicated.

Willing buyers and willing sellers quoted the dollar at a spot rate of N1,136, the highest and lowest rate of N700 per dollar.

The daily foreign exchange market turnover declined by 28.13 per cent to $ 75.82 million on Friday from $105.50 recorded on Thursday.

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.