The naira experienced a sharp decline against the dollar in both official and parallel markets as of Monday, attributed to a reduced FX supply.
Officially, it fell from ₦1,600 to ₦1,670.65 per dollar, while on the parallel market, it dropped to ₦1,746 from ₦1,740.
This depreciation follows a significant drop in foreign exchange transaction turnover, which decreased from $284.93 million on Friday to $81.17 million on Monday, highlighting challenges in FX availability.
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