According to data from the FMDQ Securities Exchange, the drop signifies a 51.21% fall from the ₦891.90/$ the currency closed last Friday at the official market.
Analysts have said Monday’s official rate is the worst official exchange rate the naira has recorded since the Central Bank of Nigeria, CBN unified the country’s currency in June 2023.
The naira’s sharp fall comes amid the CBN governor, Olayemi Cardoso’s announcement of the bank’s plans to improve liquidity in the foreign exchange market.
