The Nigerian naira continued its depreciation against the U.S. dollar at the official foreign exchange market on Monday.
According to data from FMDQ, the naira weakened to N1,548.89 per dollar on Monday, a decline of N5.86 from the N1,543.03 it traded at the close of last Friday.
Similarly, at the parallel market (black market), the naira dropped slightly to N1,667 per dollar from N1,665 recorded at the close of the previous week.
Despite these declines, the naira has shown relative stability in recent weeks, trading within the range of N1,545 to N1,660 at both the official and parallel markets.
CBN’s Efforts to Boost Forex Inflow
In a bid to support the naira and enhance foreign exchange inflows, the Central Bank of Nigeria (CBN) recently introduced two initiatives targeted at Nigerians in the diaspora:
- Non-Resident Nigerian Ordinary Account (NRNOA)
- Non-Resident Nigerian Investment Account (NRNIA)
These accounts are designed to attract diaspora remittances and encourage foreign investments from non-resident Nigerians, offering a platform to channel funds into the Nigerian economy.
While the naira’s continued decline reflects persistent pressures on Nigeria’s foreign exchange market, the success of the CBN’s recent initiatives could provide some relief by bolstering dollar inflows in the coming months.
