The Naira depreciated against the Dollar on Monday, hitting a seven-month low of N774.78 at the official foreign exchange market window.
The depreciation comes as the Central Bank of Nigeria (CBN) continues to struggle to maintain the value of the Naira against the Dollar.
On Monday, the Naira lost 4.27% against the Dollar, compared with N743.07, which it exchanged for after the close of business on August 4.
The open indicative rate closed at N771.64 to the Dollar on Monday.
A spot exchange rate of N799 to the Dollar was the highest rate recorded within the day’s trading before it settled at N774.78.
The Naira sold for as low as N475 to the Dollar within the day’s trading.
On Monday, $45.98 million was traded at the official market window.
Financial expert, Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, said the CBN should introduce an urgent monetary policy to curb forex volatility.
He said the CBN should also increase the supply of foreign exchange to the market in order to stabilize the Naira.
The depreciation of the Naira is a major concern for businesses and individuals in Nigeria. It makes it more expensive to import goods and services, which can lead to inflation.
It also makes it more difficult for Nigerians to travel abroad.
The CBN needs to take urgent action to stabilize the Naira. Otherwise, the depreciation will have a negative impact on the Nigerian economy.
