Naira declined to N445 to the United States dollar on the black market on Monday, the same day Bureaux De Change (BDCs) resumed operations following sales of foreign exchange worth $50 million to them by the Central Bank of Nigeria (CBN).
According to abokiFX, which collates rates from informal street traders in Lagos, the local currency had exchanged at N440 to a dollar on Friday, before crumbling to N445 on Monday.
Meanwhile, the local currency was quoted at N386 against the dollar at the over-the-counter spot market used by investors and exporters, 13k stronger than the N386.17 at which it closed on Friday.
The exchange rates at this window oscillated 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.