The naira closed at 365 against the United States dollar at the parallel market segment of the foreign exchange market on Monday, down from 364/dollar it closed on Friday.
NAN reported that this was regardless of the sales of $462m and $195m in the interbank forex market by the Central Bank of Nigeria on Friday and Monday, respectively.
In line with its commitment to sustain and deepen flexibility in the forex market to further enhance forex flow in the economy, the CBN sold the total sum of $462,336,426.74.
A breakdown showed that the Retail Secondary Market Intervention Sales received the largest allocation of $267.3m.
The CBN also offered the sum of $100m wholesale interventions, while the sum of $50m was allocated to the Small and Medium Enterprises forex window.
Those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got a total allocation of $45m.
The naira is forecast to trade in a narrow range this week, and is expected to get support due to dollar inflows from the CBN.
The local currency, which closed at 364/dollar on the black market on Friday, had closed at 368/dollar the previous Friday.
At the official interbank market, the naira has stuck around 305.90/dollar since August 2016.
On the CBN Investor and Exporters FX window, the local currency was quoted at 367 to the dollar, Reuters reported.
You May Also Like This
I Can’t Blame Myself For Stealing- Suspect
A 29-year old suspect, Ifeanyichukwu Udeh who was arraigned in court for stealing has confessed ...read more
Wickedness! Traditional Ruler Bury Policeman Alive In Lagos
A 61-year-old traditional ruler, Baale of Osoroko, Ibeju-Lekki, Lagos has been charged to court and ...read more
Kemi Olunloyo Set To Arrest Seyi Law
Kemi Olunloyo Promises To Arrest Seyi Law When She Becomes Oyo State GovernorControversial media personality, ...read more
Commotion! Woman gives birth to tortoise in Rivers State (Photos)
According to multiple reports, A woman in Rivers state gave birth to a tortoise yesterday ...read more
Bring Buhari To Me I Will Heal Him-- Satguru Maharaj
Founder of One Love Family, Satguru Maharaj Ji, has called on the Nigerian government to ...read more
VIDEO UPDATE: Lagos Assembly to sue Nollywood actress, Ufoma Ejenabor over allegations of assault
The Lagos State House of Assembly on Monday said it will take a legal action ...read more
The Beauty Of Nigerian Police PRO, Dolapo Oni Turns 40 (Photos)
The Lagos State Police PRO, Dolapo Badmus is 40 years old today and to celebrate ...read more
EFCC Arrested Chinese Man With N305,000 At Kano International Airport
EFCC has arrested one Ma Yongbin, 46, a Chinese national, at the Malam Aminu Kano ...read more
Police Uncover Badoo Shrine In Ikorodu, 5 Graves Discovered (Photos/Videos)
The Lagos state police command has made a major breakthrough in its battle against the ...read more
See How Shina Peller Greeted The Ooni Of Ife, Ogunwusi (Photos)
The Chairman Aquila Group of Companies, Chief Shina Peller and his entourage paid a courtesy ...read more
Aliko Dangote shares business success, reveals daily routine
President of the Dangote Group, Alhaji Aliko Dangote has given insights into the drive behind ...read more
What Ebonyi Governor Says About President Buhari’s Health
The Governor of Ebonyi State, Mr. Dave Umahi, has described the rate of the recovery ...read more