The naira experienced a slight depreciation against the U.S. dollar on Monday, closing at N1541.94 per dollar at the official foreign exchange market, according to FMDQ data. This represents a loss of N1.16 from the previous Friday’s exchange rate of N1540.78.
As Nigeria approaches its 64th Independence Day holiday, the naira remained unchanged in the parallel market, maintaining the N1700 per dollar rate recorded last Friday.
In addition to the depreciation, foreign exchange transaction turnover dropped to $181.86 million on Monday, down from $213.3 million recorded on Friday, further reflecting reduced activity in the market.
It is worth noting that, despite Monday’s slight depreciation, the naira gained N126 against the dollar in the last two days of trading last week in the official FX market.
