Naira continues to depreciate against dollar

The naira continued its decline against the dollar on the foreign exchange market on Monday.

FMDQ data showed that the naira further weakened by N2.11 to N1,611.40 per dollar on Monday from N1,609.29 traded last Friday.

Similarly, the naira-to-dollar exchange rate at the black market dropped by N5 to N1,600 on Monday from N1,595 traded last week.

This development comes despite the Central Bank of Nigeria’s sales of $148m to 29 authorised FX dealers last week.

Newspot reports that within the last two weeks, the Central Bank had sold $254.5 million to legitimate FX dealers.

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