The pressure on the foreign exchange (FX) market continued on Monday, with the Nigerian naira depreciating to N1,164 per dollar on the parallel market, popularly called the black market.
This represents a 1.21 per cent drop compared to N1,150 per dollar traded on Friday at the same market.
Due to the shortage of greenback, the naira depreciation followed strong demand for dollars by individuals and importers who could not meet their FX needs at the official market.
At the Autonomous Foreign Exchange Market (NAFEM), the naira strengthened against the dollar despite a drop in dollar liquidity on Friday.
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The local currency lost 16.88 as the dollar was quoted at N794.89 on Friday as against N956.33, which closed on Thursday at NAFEM,…