The naira edged lower against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday, August 25, closing at N1,346.98 per dollar, a 0.04 per cent from the previous session.
The Nigerian currency also lost ground against the British pound, settling at N1,837.54 per pound compared with recorded on Friday.
Against the euro, however, the naira posted a modest recovery, gaining N1.59 to trade at N1,571.54 per euro, up from N1,573.11 in the preceding session.
At the parallel market, the naira held steady against the dollar at N1,390 per dollar, unchanged from Friday’s rate. The exchange rate at the GTBank foreign exchange desk also remained flat at N1,355 per dollar.
Traders confirmed the dollar’s position relative to the naira at the parallel market. One trader said: “We sold the dollar at N1,390/$1 on Monday.
Central Bank of Nigeria (CBN) data showed that interbank foreign exchange turnover fell by 4.4% to $152.592 million, down from $159.732 million in the previous session.
The number of FX transactions also dropped sharply, declining to 144 deals from 294 recorded the session before.
