The foreign exchange market opened the week with Naira depreciating by N1.83k or 0.48 percent against the dollar at the Investors and Exporters (I&E) forex window.
The FX indicative rate at I&E window as at Monday morning was N386.04k per dollar as against N384.21k opened on Friday last week.
Dollar was trading at the rate of N450 on the black market on Monday, leading to a loss of N20 per dollar in the value of the Nigerian currency when compared with N430 traded on Friday last week.
Dealers attributed the high cost of dollar to scarcity of the greenback occasioned by sharp decline in oil prices.
Following the outbreak of coronavirus pandemic, the price of oil has fallen to as low as $20.69 per barrel as at Monday.
