Nigeria’s Naira further depreciated at both the official and parallel markets on Monday.
At the official, Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira dropped to 1,523.85 per dollar, depreciation from the previous close of 1,509.67 to the American dollar.
NAFEM is the market trading segment for Investors, Exporters, and End-users that allows for forex trades to be made at exchange rates determined by prevailing market conditions.
The naira traded at an intra-day high of 1,540.75 and a low of 1,474.05 to a dollar. Turnover stood at $133.46m higher than $116.88m on Friday, indicating improved liquidity in the market.