The naira closed at 365 against the United States dollar at the parallel market segment of the foreign exchange market on Monday, down from 364/dollar it closed on Friday.
NAN reported that this was regardless of the sales of $462m and $195m in the interbank forex market by the Central Bank of Nigeria on Friday and Monday, respectively.
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In line with its commitment to sustain and deepen flexibility in the forex market to further enhance forex flow in the economy, the CBN sold the total sum of $462,336,426.74.
A breakdown showed that the Retail Secondary Market Intervention Sales received the largest allocation of $267.3m.
The CBN also offered the sum of $100m wholesale interventions, while the sum of $50m was allocated to the Small and Medium Enterprises forex window.
Those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got a total allocation of $45m.
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The naira is forecast to trade in a narrow range this week, and is expected to get support due to dollar inflows from the CBN.
The local currency, which closed at 364/dollar on the black market on Friday, had closed at 368/dollar the previous Friday.
At the official interbank market, the naira has stuck around 305.90/dollar since August 2016.
On the CBN Investor and Exporters FX window, the local currency was quoted at 367 to the dollar, Reuters reported.
