The naira crashed against the dollar at both official and parallel foreign exchange markets to begin the week on a negative note.
ADVERTISEMENT
ADVERTISEMENT
FMDQ data showed that the naira weakened to N1,675.62 per dollar on Monday from N1652.62 last Friday, indicating a N23 loss.
Similarly, at the black market, the naira depreciated to N1,755 per dollar on Monday from the N1,750 exchange rate at last week’s end.
This comes as the FX transaction turnover dropped significantly to $108.79 million on Monday from $243.05 million recorded on Friday, according to FMDQ data.
In the past months, the country’s FX market has continued to witness fluctuations despite interventions by the Central Bank of Nigeria.
