Naira weakens to 1,180/$ after recent gains

The naira commenced trading on a weaker level after trading at 1,180/$ on Monday from 1,150/$ on Friday at the parallel market.

Figures obtained from AbokiFx showed that the naira was bought and sold for 1,170/$ and 1,180/$ on Monday, a difference of N30 or 2.5 per cent.

The President, Association of Bureaux De Change Operators of Nigeria, Dr Aminu Gwadabe, noted that the naira strengthened to the dollar at the parallel market at the end of last week.

“It is also important to note that the naira is just trying to discover its price as it is difficult to control price mechanism by feat in a competitive and liberalised market but the interplay of demand and supply in the market,” he said in a chat with The PUNCH.

At the Investor & Exporter forex window, naira commenced trading at 794.70/$ and hit a high of 998/$ before closing at 993.82/$ on Monday.

It exchanged at 804.11/$ it traded on Friday, according to figures obtained from the official trading platform, FMDQ.

Total turnover recorded at the official market was $88.31m on Monday, according to the FMDQ.