Nigeria’s currency, Naira, fell to its lowest at N434.7 per dollar at the Investors and Exporters (I&E), the country’s official foreign exchange market window.
After trading on Monday, Naira depreciated by 0.75 percent to N434.75/$ compared to N431.50 quoted on Friday at the official market, data from the FMDQ indicated.
Naira depreciation has been attributed to dollar shortage as Nigeria continues to struggle with diversifying and improving foreign exchange inflows.
With the current rate, Naira has depreciated by 2.93 percent from N422 quoted on the first trading day this year.
Most foreign exchange dealers who participated at the FX auction on Monday maintained bids between N425.00 (low) and N437.50 (high) per dollar.
At the parallel market, popularly called the black market, Naira stood at N702 par dollar after trading on Monday.
The local currency has depreciated by 19.51 percent at the black market from N565/$ at the beginning of the year.
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