Naira depreciates against dollar amid FX supply drop

The naira depreciated against the dollar at the foreign exchange market to begin the week as FX supply dropped further.

FMDQ data showed that the naira slightly weakened at N1635.15 per dollar on Monday compared to N1631.21 exchanged on Friday last week.

This represents a marginal N3.94 depreciation against the dollar.

Similarly, at the black market, the naira depreciated to N1775 per dollar on Monday from the N1770 exchange rate at the close of last week.

This development comes as Foreign Exchange daily transaction turnover further slumped to $126.24 million on Monday from $238.36 million on Friday.

DAILY POST recalls that the Central Bank of Nigeria introduced fresh FX code guidelines to stabilise the naira last Thursday.

The naira has continued to experience fluctuations despite interventions by the apex bank.

Last week, the naira lost N89.27 against the dollar.