Naira slumps again after recent marginal gains against the dollar

The Nigerian naira, on Monday, again resumed its downward trend after recording marginal gains against the US dollar as it commenced trading at 1,180 per dollar on Monday from 1,150 per dollar on Friday at the parallel market.

According to figures obtained from AbokiFx, the naira was bought and sold for 1,170 per dollar and 1,180 per dollar on Monday, a difference of N30 or 2.5 per cent.

Speaking on the development, the President, Association of Bureaux De Change Operators of Nigeria (ABCON) Dr Aminu Gwadabe, said the naira strengthened to the dollar at the parallel market at the end of last week.

READ ALSO:Nigeria at risk of ‘devastating consequences’ if naira fails to stabilise against dollar —NLC

“It is also important to note that the naira is just trying to discover its price as it is difficult to control price mechanism by fiat in a competitive and liberalised market but the interplay of demand and supply in the market,” he said.

Also at the Investor & Exporter forex window, naira commenced trading at 794.70 per dollar and hit a high of 998 per dollar before closing at 993.82 per dollar on Monday.

It would be recalled that the naira had exchanged at 804.11 per dollar on Friday.

Total turnover recorded at the official market was $88.31m on Monday, according to the FMDQ.

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