Monday's trading session saw the naira slide further against the dollar at official markets. Central Bank data put the rate at N1,373.70 per dollar by close of business.
Friday's closing stood at N1,371.04 to the greenback. That means the local currency lost 2.66 naira in just one trading day.
Black market traders kept their rates steady. They continued quoting N1,400 per dollar, unchanged from last Friday's close.
Interestingly, Nigeria's foreign reserves climbed to $48.58 billion as of May 15th. Yet this uptick hasn't stopped the naira's downward spiral.
Last week saw similar weakness across both official and parallel FX markets. Currency dealers attributed the pressure to sustained demand for dollars.
Analysts say the naira needs stronger inflows to reverse the trend. Oil revenues and diaspora remittances remain critical to stabilising the exchange rate.
