Naira loses grounds against Dollar after days of rebound

The exchange rate between the naira and the US dollar depreciated on Monday, closing at N780/$1 after recording significant gains in the previous week.

Naira depreciated by 17.6% compared to N680/$1 recorded last week Friday.

Meanwhile, the exchange rate still varies across various locations and also depends on the volume of transaction. Some FX traders still sell at the rate of N750/$1.

READ ALSO: Naira sustains rally after weeks of depreciation

Similarly, naira weakened against the US dollar at the cryptocurrency peer-to-peer FX to N788/$1 on Monday, representing a steep 11.46% decline from N707/$1 recorded in the previous trading session.

However, the naira closed against the US dollar at N445.75/$1 at the I&E window on Friday. This represents a 0.08% appreciation from N446.1/$1 that was recorded in the previous trading session.

FX turnover at the official market surged by 183.66% to $255.15 million on Friday, compared to $89.95 million that was traded on Thursday. Nigeria’s external reserve declined further by 0.067% to stand at $37.221 billion as of 10th November 2022 from $37.247 billion recorded as of the previous day.