Naira slumps against dollar to begin week on negative note

The naira fell against the dollar at the foreign exchange market to start the week on a negative note.

FMDQ data showed that the currency depreciated to N1579.22 per dollar on Monday from N1,564.48 last Friday.

This represents N14.74 loss against the dollar.

Similarly, at the black market, the naira weakened to N1610 per dollar on Monday from N1600 last Friday.

This is as foreign exchange transaction turnover stood at $162.99 million on Monday.

DAILY POST recalls that last week, the naira also closed on a negative note despite Nigeria’s inflation decline to 33.90 per cent in July 2024.