The Nigerian naira concluded Monday’s trading at N774.78 against the US dollar in the investors and exporters (I&E) window, representing a decline of N31.71 or 4.27% compared to its Friday rate of N743.07.

Data sourced from the FMDQ Securities Exchange, the platform overseeing foreign exchange trading in Nigeria, revealed this fluctuation.

The I&E FX window serves as the official foreign exchange market segment for investors, exporters, and end-users, determining exchange rates based on market conditions.

The naira has faced ongoing fluctuations at the official window since the government’s unification of exchange rate windows.

Bureaux De Change (BDC) operators in the parallel market noted high foreign currency demand, setting the dollar’s buying and selling prices at N890 and N897, respectively, with a profit margin of N7.

This depreciation exacerbates the gap between official and parallel market exchange rates, with PricewaterhouseCoopers (PwC) projecting increased inflation and FX market volatility in August, cautioning that petrol subsidy removal and the adoption of a managed float exchange rate system could further inflate pressure on inflation.