Naira weakens against dollar at official Forex market

The Naira weakened against the dollar at the official foreign exchange market on Monday.

FMDQ data showed that the Naira closed at N1508.99 against the dollar from N1505.30 recorded last Friday.

This represents a marginal N3.69 appreciation against the dollar compared to the N1505.30 traded on Friday.

However, at the parallel market, the Naira strengthened to N1510 per dollar on Monday from N1515 traded at the close of work last week.

This represents N5 gain against the dollar at the commencement of trading on Monday.

The figure showed that the difference between both FX markets stood at N1.31.

The mixed trading sentiments at both foreign exchange markets amid an increase in Nigeria’s foreign exchange reserves which hit $34.14 billion last week Friday.

Recall that last week, the Central Bank of Nigeria ordered all banks to deposit all excess FX to its branches in Lagos and Abuja.