Market News
Naira Weakens Further To N1,530.1451/$1 On Official Market - NEW TELEGRAPH
BY Tony Chukwunyem
The naira depreciated further on the official market on Monday as it fell to N1,530.1451 per dollar compared with N1,517.24/$1 last Friday, data from the Central Bank of Nigeria (CBN) shows.
Dealers attribute the decline to renewed dollar shortage at the official Foreign Exchange (FX) market. CBN data indicates that authorised dealers quoted the dollar at the highest rate of N1,540, stronger than N1,615 on Friday.
The market recorded the lowest rate of N1, 512 per dollar on Monday, weaker than N1,505.75 quoted on Friday.
At the parallel market, the naira traded at between N1,570 and N1,580 per dollar, according to data from street traders and online data collating platforms.
In a recent interview, President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, attributed recent naira weakness to the huge demand for forex occasioned by the windfall from some contractual payments and releases by some Federal Government agencies.
