The Nigerian naira faced a significant setback against the US dollar on Monday, reaching 1,419.11 per dollar, marking its lowest point since March 13, 2024, in the official foreign exchange market. 

This decline comes as foreign portfolio investments (FPIs) exhibit signs of cooling, with data from the FMDQ Securities Exchange revealing a notable 75.23 percent drop in net inflows from FPIs, plummeting to $182 million in April 2024 from $735 million in March 2024.

Monday's exchange rate reflects a 5.63 percent weakening of the naira compared to Friday's closing rate of N1,339.23 at the Nigerian Autonomous Foreign Exchange Market (NAFEM). 

However, in the parallel market, commonly known as the black market, the naira saw an opposite trend, appreciating to 1,360 per dollar. This marks a 5.14 percent gain from the previous close of 1,430 per dollar on Friday.