Naira begins week with depreciation against dollar

The naira returned to depreciation against the dollar at the foreign exchange market to kick off the week.

FMDQ data showed that the naira slightly weakened to N1603.16 on Monday from N1600.78 exchanged on Friday, recording a marginal N2.38 loss.

Similarly, at the parallel market, the naira dropped to N1730 per dollar on Monday from N1725 traded last week Friday.

This comes as FX transaction turnover on Monday stood at $359.22 on Monday, a slight increase from $350.72 million on Friday.