Naira declined to N445 to the US dollar on the black market on Monday, the exact day Bureaux De Change (BDCs) continued operation following deals of foreign exchange worth $50 million to them by the Central Bank of Nigeria (CBN).
As per abokiFX, which orders rates from casual road dealers in Lagos, the local currency had traded at N440 to a dollar on Friday, before disintegrating to N445 on Monday.
In the interim, local currency was cited at N386 against the dollar at the over-the-counter spot market utilized by financial specialists and exporters, 13k more grounded than the N386.17 at which it shut on Friday.
The trade rates at this window wavered between a high of N384 to a dollar and a low of N394.63 during the intraday trading before settling at N386 at the end of trade.
On the supply side, forex turnover at the window tumbled to $45.22 million, 49.3% lower than a trade volume of $89.15 million posted on Friday.
The daily forex sales for last week averaged $58.52 million translating to a substantial improvement from the $23.19 million recorded the week before.
The forex turnover on the window in August fell to $857 million from the $937 million reported in July.