Naira loses N13.49 at forex market

The FMDQ data showed that the naira further depreciated to N1,577.29 against the dollar on Monday from N1,563.80 last Friday.

This represents N13.49 depreciation against the dollar compared to the N1,563.80 traded on Friday.

Meanwhile, at the parallel foreign exchange market, the naira maintained the same N1,560 per dollar rate traded on Friday.

The development comes despite the increase in FX transaction turnover on Monday to $155.53 million from $126.50 million last Friday.

The Central Bank of Nigeria said last week that it paid $122.67 million to 45 authorised dealers.