Naira depreciates massively as FX supply drops

The naira massively depreciated against the dollar at the foreign exchange market to kick off the week on a negative note amid a significant drop in FX supply on Monday.

FMDQ Data showed that the naira dropped to N1670.65 per dollar on Monday from N1600 exchanged last Friday. This represents a N70.65 depreciation.

Similarly, at the parallel market, the naira fell to N1746 per dollar on Monday from N1740 traded at the close of last week.

The development comes after foreign exchange transaction turnover dropped significantly to $81.17 million on Monday from $284.93 million on Friday.