Naira fell against the dollar on Monday to an eight-month low with a decrease in value of 0.75% at the spot market window.
According to data published by FMDQ, where forex is officially traded, Naira opened trading at N431.30 but closed at N434.75 to a dollar at the close of business on Monday.
The currency rose to an intraday high of N425.00 and declined to a low of N437.50 before closing at N434.75 per $1. This is however the weakest official market rate the Naira recorded within the last eight months.
This became significant as forex turnover suddenly increased by 6.6% ($99.68 million) from $93.54 million posted last week Friday.
Within the past three weeks, Naira has been trading between the range of N419.00 and N430.00 and above mark before settling at N434.75 at the close of sales Monday.
Unauthorized market exchange rates reviewed across major States revealed that the local currency also fell against the dollar in the parallel market on Monday.
Black markets currency dealers in Abuja and Uyo said they bought the dollar at N697.00 and sold within the range of N699.00 and N700.00 to a dollar respectively, which means a N1.0 or 0.14% devaluation from N696.00 it exchanged hands in the previous session last week Friday.