The Nigerian currency, naira, began the week on a downturn, depreciating against the United States dollar at the foreign exchange market.
According to data from the FMDQ, the naira weakened to N1635.15 per dollar on Monday, representing a N3.94 decline from N1631.21 on Friday.
This decline mirrors the trend at the black market, where the naira slipped to N1775 per dollar, down from N1770 at the close of last week.
Experts attribute the naira’s woes to the dwindling foreign exchange supply, which plummeted to $126.24 million on Monday from $238.36 million on Friday.
Last Thursday, the Central Bank of Nigeria unveiled fresh FX code guidelines aimed at stabilizing the naira. However, the currency has continued to experience fluctuations despite the apex bank’s interventions.
In fact, the naira suffered significant losses last week, shedding N89.27 against the dollar.
The development has sparked concerns among stakeholders, who urge the CBN to implement more effective measures to shore up the naira.
