Naira tumbled against the US dollar on Monday with a 0.60 percent depreciation in the official market.
According to FMDQ, where the foreign exchange market is officially traded, the naira, which opened at N417.30, closed at N421.50 per dollar at the close of business on Monday.
This implies N2.50 or a 0.60 percent devaluation of N419.00 which changed hands with the dollar currency on Friday of last week.
This is the second lowest level the naira has officially traded against the dollar in five months after closing at N422.67 per dollar on January 5, earlier this year, and the first time it has spread through N417, 00 and N419.00 and more. benchmark index that has been trading in the last four months.
The naira reached an intraday high of N410.00 and fell to a low of N444.00 before closing at N421.50 for $1 on Monday.
Forex trading volume plunged 58.3 percent to $70.68 million recorded at the close of business on Monday versus $169.38 million recorded in the previous session on Friday of last week.
Similarly, the local currency touched the N600.00 mark in the parallel market on Monday.
In Uyo, currency traders exchanged the naira for N595.00 and sold it in the range of N596.00 and N600.00 per dollar, while Abuja black market traders in wuse zone 4 said the currency it was exchanged for N594.00 and sold for N595.00 for $1 on Monday.