Naira drops against dollar
At the start of the week, the naira lost value in relation to the dollar on the foreign currency market as the supply of FX declined even more.
According to FMDQ data, the value of the naira slightly declined on Monday, trading at N1635.15 per dollar as opposed to N1631.21 on Friday of previous week.
This indicates a slight devaluation of N3.94 in relation to the US dollar. In a similar vein, in the black market, the value of the naira dropped from N1770 at the end of last week to N1775 on Monday per dollar.
This comes as the daily turnover of foreign exchange transactions further declined, from $238.36 million on Friday to $126.24 million on Monday.
The Central Bank of Nigeria released updated FX code recommendations to stabilise the naira last Thursday.
The central bank has intervened, but the naira has not stopped fluctuating. The naira depreciated N89.27 versus the dollar last week.
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