The Naira again traded weaker against the US Dollar on Monday, losing 16 kobo or 0.04 per cent at the Investors and Exporters (I&E) window, the official foreign exchange market.

According to data from FMDQ securities the Naira closed at N411.83/$1 in contrast to N411.67/$1 it traded last Friday.

The decline witnessed on Monday is coming despite a significant increase in the forex supply by 203.62 per cent with $173.64 million recorded as against the $57.19 million posted in the previous session on Friday last week.

However, at the black market, the Naira maintained stability against the US Dollar yesterday as its value remained unchanged at N520/$1.

Similarly, the Nigerian currency traded unchanged against the Pound Sterling on Monday, closing at N708/£1 the same rate it closed last Friday.

Nigerian currency however appreciated against the Euro by N2 to close at N604/€1 compared with N606/€1 of the preceding trading day.

Meanwhile a significant boost is expected to come for the Naira, as the International Monetary Fund (IMF) on Monday announced the disbursement of $650 billion Special Drawing Rights (SDRs) to member countries to boost reserves.

Ripples Nigeria had reported yesterday that the expected $3 billion to Nigeria will go a long way toward assisting the Central Bank of Nigeria in defending the Naira and help easily meet demands from investors, importers, and exporters for foreign currency.