The Naira experienced a depreciation on Monday, dropping to N1,770 per dollar in the parallel market, compared to N1,750 per dollar observed last weekend.
In a similar trend, the Naira fell to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market.
According to data from FMDQ, the indicative exchange rate for NAFEM increased from N1,652.62 per dollar last weekend to N1,675.62 per dollar, reflecting a N23 decline for the Naira.
Additionally, the volume of dollars traded (turnover) plummeted by 55.2 percent, dropping from $243.05 million last Friday to $108.79 million.
As a result, the gap between the parallel market rate and the NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
Tags: Naira depreciates
