Data from FMDQ showed that the Naira weakened to N838.95 per
dollar on Monday from N890.54 per dollar on Friday.
This represents a N51.79 gain or a 5.79 per cent gain in the
local currency compared to the N890.54 it closed on Friday.
However, the Naira depreciated slightly at the parallel
forex market.
The exchange rate quoted at N1,265 per US dollar,
representing a 0.40 per cent decrease over what it closed the previous day.
The depreciation at the official forex market comes after
the Nigerian government received a $2.25 billion foreign exchange boost loan
from the African Import-Export Bank over a week ago.
Meanwhile, the Naira had continued to fluctuate in the forex
market. The Central Bank of Nigeria floated the country’s currency on June 14
last year.
The Nigeria’s headline inflation soared for the twelve
consecutive time to 28.92 per cent in December.
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