The Nigerian naira has experienced significant depreciation against the dollar in the foreign exchange market as the supply of foreign exchange (FX) dropped at the start of the week.
According to data from the FMDQ, the naira fell sharply to N1690.37 per dollar on Monday, down from N1652.25 per dollar last Friday. This marks a depreciation of N38.12 against the dollar.
In the black market, the naira remained stable at N1740 per dollar on Monday, the same rate as at the close of last week.
This stability comes as FX transaction turnover dropped to $173.14 million on Monday from $296.63 million recorded on the previous Friday.
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