Naira fell to an eight-month low against the dollar on Monday, depreciating 0.75 percent against the dollar in the spot market window.

The local currency opened trading at N431.30 but closed at N434.75 per dollar at the close of business on Monday. data published by FMDQ where forex is officially traded, he revealed.

The Nigeria Naira rose to an intraday high of N425.00 and fell to a low of N437.50 before closing at N434.75 for $1, the weakest official market rate the Naira saw in eight months.

This became significant as foreign exchange turnover rose 6.6 percent ($99.68 million) from $93.54 million recorded last week on Friday.

Over the past three weeks, the coin has been trading between the N419.00 and N430.00 range and above the mark before settling at N434.75 at the close of trading on Monday, the first trading day of this week.

Similarly, the Naira fell against the dollar in the parallel market on Monday, as revised unauthorized market exchange rates in significant states showed.

Currency dealers in the Abuja and Uyo black markets said they bought the dollar at N697.00 and sold it within the range of N699.00 and N700.00 per dollar respectively, implying a devaluation of N1.0 or 0 .14 ​​percent of N696.00 that he exchanged. hands in the previous session last week on Friday.