The naira has further depreciated against the dollar in the official foreign exchange market as of Monday.
According to FMDQ data, the naira fell to N1,548.89 per dollar on Monday, down from N1,543.03 recorded last Friday. This represents a decline of N5.86 compared to the previous week’s closing rate.
In the black market, the naira also weakened, closing at N1,667 per dollar on Monday, up from N1,665.
Previously, the naira had maintained a relatively stable range between N1,545 and N1,660 per dollar in both the official and parallel foreign exchange markets.
Last week, the Central Bank of Nigeria introduced the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA) to enhance remittances from the diaspora.
