The naira is yet to recover after many months of abysmal performance as it continues to depreciate against the dollar.
The Naira on Monday closed at 393 against the United States dollar, up from 397 on Friday. The local currency, which had fallen to 400/dollar last Friday, traded lower last week.
The Nigerian currency lost N3 to exchange at N393, from N390 posted on Friday; while it traded at N505 and N435 against the Pound Sterling and the Euro respectively
.
At the Bureau De Change (BDC) segment of the market, the naira closed at N385, N505 and N420 against the dollar, Pound Sterling and the Euro, respectively.
The naira appreciated at the official interbank market to close at N317.34, from N320.25 posted on Friday.
Traders at the market said that the demand for the greenback was still on the high side.
NAN reports that the market was eagerly awaiting the sale of forex by banks to BDCs during the week.