Business
Naira Weakens Further Against Dollar Amid Reduced FX Turnover
The naira experienced a significant drop against the dollar across both the official and parallel foreign exchange markets, starting the week on a negative trajectory.
Data from FMDQ showed that the naira depreciated to N1,675.62 per dollar on Monday, a decline of N23 from Friday’s rate of N1,652.62. The situation was mirrored in the parallel market, where the naira slipped further, exchanging at N1,755 per dollar compared to N1,750 at the end of last week.
This downturn coincided with a sharp decrease in foreign exchange transaction turnover. FMDQ data indicated that turnover fell to $108.79 million on Monday, a stark contrast to the $243.05 million recorded on Friday.
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