The naira lost the momentum it had gained the previous week and plunged against the dollar on Monday, averaging 1,030/$ on the parallel market.
Comparing this to the N950 it closed the week at last Friday, the local currency has lost N80, or 8.42 percent.
Additionally, since the Central Bank of Nigeria started to clear some of its FX backlog last week, this is the first time that the value of the naira has declined.
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The PUNCH was informed by currency dealers, also referred to as bureaux de change operators, that the value of the naira was fluctuating between N990 and N1,030/$.
“The dollar is N995 if you want to sell,” a trader going by the name Awolu said. It is N1,020 if you would like to purchase from me. “If you want to sell, the dollar is N960,” said Kadri, another trader. It costs N990 if you wish to purchase.
As a result of people who purchased the dollar at a higher price resisting its decline after the Central Bank of Nigeria’s move last week, the dollar has appreciated versus the naira, according to Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria.