The interbank market also experienced a strengthening of the local currency from 315.25 on Friday to 310 to the dollar at about 11am in Lagos.
As at 2pm, the naira was trading at 314.75 to the dollar at the interbank market.
At the parallel market, the naira was trading at 422, 535 and 462 to the dollar, pound and Euro at the parallel market on Monday morning.
Following the official confirmation of Nigeria’s recession by the National Bureau of Statistics (NBS), the naira dipped to 425 to the dollar at the parallel market.
Lukman Otunuga, FXTM research analyst, had initially predicted the vulnerability of the naira, following Nigeria’s plunge into recession.
“While Naira’s vulnerability was highly expected following the official flotation, external risks such as a resurgent dollar have accelerated the devaluation of the local currency consequently pressuring the nation further.
“With inflation and unemployment hovering around worrying levels, the CBN has been placed under immense pressure to act which may weigh on investor sentiment.”
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