Naira recorded a tremendous gain at the beginning of the week on Monday at the official foreign exchange market.
The data from FMDQ revealed that the Naira depreciated to N838.95 per dollar on Monday from N890.54 per dollar on Friday, January 12.
This represents a N51.79 gain or a 5.79 per cent gain in the local currency in contrast to the N890.54 it closed on Friday.
But, the Naira declined slightly in value at the parallel forex market.
The exchange rate read at N1,265 per US dollar, representing a 0.40 per cent decline over what it closed the previous day.
The depreciation at the official forex market is coming after the Nigerian government received a $2.25 billion foreign exchange boost loan from the African Import-Export Bank more than a week ago.
Meanwhile, the Naira had continued to rise and fall in the forex market. The Central Bank of Nigeria launched the country’s currency on June 14, 2023.
Recall that Nigeria’s headline inflation rose for the twelfth consecutive time to 28.92 per cent in December.
