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Tuesday, 14 January 2025 04:49

Naira stumbles further against dollar

Naira stumbles further against dollar

The naira continued its decline against the dollar at the official foreign exchange market on Monday.

FMDQ data showed that the naira weakened to N1,548.89 against the dollar on Monday from N1,543.03 exchanged last week Friday.

This indicated that the naira fell by N5.86 compared to N1,543.03 traded at the close of last Friday.

Similarly, on the black market, the naira closed at N1,667 per dollar on Monday from N1,665.

However, the naira had been fairly stable between N1,545 and N1,660 per dollar at the official and parallel foreign exchange markets, respectively.

Last week, the Central Bank of Nigeria unveiled the Non-Resident Nigerian Ordinary Account, NRNOA, and the Non-Resident Nigerian Investment Account, NRNIA, to boost diaspora remittances.

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