Lagos, Nov. 7, 2023 – The Nigerian currency, naira, depreciated at the two main segments of the foreign exchange market on Monday.
The currency fell to N809.02 to the dollar at the official NAIFEM segment on Monday from N780.02 to the dollar on Friday.
It also depreciated against the dollar at the black market on Monday, trading between N950 and N1,030 against the band of between N900 and N950 to the dollar on Friday.
The situation in the market on Monday was a departure from the expectation of many operators who had expected steady appreciation of the currency after the Federal Government’s intervention last week.
The Federal Government injected about $10 billion into the market last week to clear the backlog of some trade arrears and other debts weighing down the value of the naira. (GBN)
