The Nigerian currency recorded its lowest exchange rate against the dollar on Monday.
The naira has taken a serious hit against the dollar, falling to an all-time low on Monday.
According to Punch, the Nigerian currency exchanged N527 to the dollar at the parallel market on Monday.
The local currency, which has been on a downward trend in recent weeks, fell to 524 against the greenback on Friday from 522/$1 on Thursday.
At the Investors and Exporters’ window, the naira, however, strengthened to 411.63/$1 on Monday from 412/$1 on Friday, according to FMDQ Group.
The naira had strengthened to 506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.
The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into ‘agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.’