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Naira depreciates against dollar at foreign exchange market
Due to a decline in foreign exchange availability at the beginning of the week, the Nigerian naira has continued to depreciate significantly versus the dollar on the foreign exchange market.
According to FMDQ data, the naira fell sharply from Friday of last week's N1652.25 exchange rate to N1690.37 per dollar on Monday.
This indicates a depreciation of N38.12 in relation to the dollar. On the black market, the naira held steady at N1740 to the dollar on Monday, which was the same price at the end of last week.
This occurs as the turnover of foreign exchange transactions dropped from $296.63 million on Friday of previous week to $173.14 million on Monday.
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