THE Nigerian currency experienced mixed outcomes in different foreign exchange markets on Monday, with the Naira trading at N1,280 against the US dollar in the physical black market, a slight depreciation from N1,260 last week.
In contrast, the Nigerian Autonomous Foreign Exchange Market (NAFEM) saw the Naira gain strength, closing at N838.95 to the dollar, an improvement from the previous Friday’s rate of N890.54/US$1.
Throughout the past week, the Naira’s value fluctuated significantly, hitting a weekly low of N1089.51/US$1 on Tuesday and a high of N856.57/US$1 on Monday.
This volatility reflects the ongoing challenges in stabilizing the Naira’s value in the face of economic pressures.
In the Peer-to-Peer (P2P) market, often utilized by crypto traders, retail investors, and speculators, the Naira was valued at approximately N1272/$ in the early hours of Monday, dropping from the weekend’s rate of N1255/$.
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