Nigeria’s naira weakened for the second day against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Monday, according to data from the FMDQ Security Exchange market where currencies are officially traded.
The domestic currency closed at N409.67 at the Monday trading session. This signifies a N5 or 1.24 per cent devaluation from N404.67 it closed at the previous session on Friday last week.
The currency depreciated against the greenback as turnover nosedived by 242.08 per cent, with $28.21 million recorded as against the $96.50 million posted on Friday.
On the spot market (I&E), the naira saw an intraday high of N390.00 and oscillated to a low of N422.99 before closing at N409.67.
However, naira remained stable on the parallel market, according to data posted on abokifx.com, the unofficial market that collates data in Lagos, where naira is traded.
It showed the currency closed at N473 in Lagos, the same rate it exchanged with the dollar on Friday.
This leaves a spread of N63.33 between the unofficial market and the I&E window exchange rates, which translates to a gap of 15.46 per cent.
The CBN’s official rate on Monday at the I&E window was still N379 per dollar.