Naira lost 4.24 percent of its value against the dollar at the official market, following a decline in dollar supply on Monday.
After trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Monday, dollar was quoted at N809.02 as against N776.14 quoted on Friday, data from the FMDQ indicated.
The daily foreign exchange (FX) market turnover declined by 11.30 percent to $87.65 million on Monday from $98.82 million recorded on Friday.
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At the parallel market, popularly known as black market, naira opened and closed at N1,020 per dollar on Monday after appreciating to N970/$.
At the weekend, the Naira strengthened to N970 per dollar on the black market, following some positive sentiments around government plans to shore-up dollar liquidity in the foreign exchange market.
Currency traders expect naira to appreciate today in anticipation of dollar flows from willing buyers and sellers.
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.
