According to FMDQ data, the Naira weakened against the Dollar in the foreign exchange market, beginning the week on a poor note.
The Naira exchanged at N1635.15 per Dollar on Monday compared to N1631.21 on Friday last week. This marks a marginal N3.94 depreciation against the Dollar.
At the parallel market, the Naira plunged to N1775 per Dollar on Monday, down from the N1770 exchanged last Friday.
The depreciation was attributed to a drop in the foreign exchange daily transaction turnover, which slumped to $126.24 million on Monday from $238.36 million on Friday.
Last Thursday, the Central Bank of Nigeria implemented new FX code regulations to stabilise the Naira. Despite efforts by the apex bank, the Naira has been fluctuating consistently.
The Nigerian currency depreciated by N89.27 against the Dollar last week.