Business

Naira Depreciates As Dollar Supply Drops

The Naira weakened against the dollar at the foreign exchange market as the week began, alongside a drop in FX transaction turnover.

FMDQ data revealed the Naira fell to N1,562.66 per dollar on Monday, down from N1,541.02 last Friday, marking a N21 loss. In the parallel market, the Naira also dipped slightly, trading at N1,665 per dollar on Monday, compared to N1,663 last Friday.

This decline coincided with a drop in foreign exchange transaction turnover, which decreased to $100.21 million on Monday from $190.57 million at the close of last week.

Meanwhile, the Central Bank of Nigeria’s 297th Monetary Policy Committee meeting began in Abuja on Monday, with key monetary policy decisions expected by Tuesday.

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