Naira slumps against dollar, begins week on negative note

The naira slumped against the dollar at the official foreign market to begin the week on a negative note on Monday.

FMDQ data showed that the naira depreciated to N1596.60 per dollar on Monday from N1570.14 exchanged last Friday.

This represents a significant N26.46 depreciation against the dollar.

Similarly, the naira lost N5 against the dollar to exchange at N1, 620 rate on Monday from N1, 615 last week.

The development comes as the naira depreciated and lost N72.58 against the dollar in July 2024, according to FMDQ financial market report.