Naira Begins Week on Downturn Against the Dollar

The Naira began the week on a negative note as it slumped against the Dollar at the foreign exchange market.
According to FMDQ data, the Nigerian currency depreciated to N1579.22 per Dollar on Monday from N1,564.48 last Friday. This marks a N14.74 loss against the Dollar.

On Monday, the Naira exchanged at N1610 per Dollar from N1600 last Friday at the parallel market. This comes as foreign exchange turnover stood at $162.99 million on Monday.
Last week, the Nigerian currency closed on a negative note regardless of the 33.90% decline in the country’s inflation rate.