The naira weakened slightly against the dollar on Monday, closing at N1,332.90/$ as trading activity in the foreign exchange market remained uneven.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the currency lost 90 kobo from the N1,332/$ recorded on October 2.
The naira traded between N1,329 and N1,333.50 during the session, with a weighted average rate of N1,331.69/$.
The News Chronicle reports that the currency has remained largely stable around the N1,330/$ level despite fluctuations in daily market activity.
Monday’s session recorded 103 interbank deals with turnover of about $72.12 million. This was significantly lower than the $569.80 million NFEM turnover recorded from 249 deals on October 2.
Foreign exchange activity also weakened in the week ended October 2, with total FX spot and derivatives turnover falling 35.41 per cent to $1.70 billion from $2.63 billion in the previous week.
Despite the decline in trading volumes, the naira’s relatively narrow movement around N1,330/$ suggests continued stability in the official market as October begins.
