The Dollar to Naira exchange rate has remained flat in the black market.
According to Bureau De Operator in Zone 4 Abuja, Dayyabu Ashiru, the Nigerian currency exchanged for a dollar at N1,560 on Monday, the same as Friday last week.
“We buy at N1555 per dollar and sell at N1650 at the close of work on Monday. This was the same rate as last Friday,” he said.
Meanwhile, at the official market, the Nigerian currency experienced a decline in value relative to the dollar in the foreign exchange market.
Based on FMDQ data, the naira dropped further to N1,577.29 against the dollar on Monday from N1,563.80 last Friday.
This fall signifies a N13.49 depreciation against the dollar compared to the N1563.80 traded on Friday.
Despite the increase in FX transaction turnover to $155.53 million from $126.50 million last Friday, the naira depreciated.
Last week, the Central Bank of Nigeria stated that it distributed $122.67 million to 45 authorised dealers.