Data from the FMDQ has indicated that the Naira depreciated against the Dollar on Monday in the foreign exchange market. The Nigerian currency closed at N1508.99 against the Dollar, down from N1505.30 recorded last Friday, marking a depreciation of N3.69 against the Dollar.
In contrast, at the parallel market, the Naira notably strengthened to N1510 per Dollar from N1515 traded last week, reflecting a gain of N5 against the Dollar at the commencement of Monday’s trading.
Mixed trading sentiments were observed across both foreign exchange markets despite Nigeria’s foreign exchange reserves reaching $34.14 billion last Friday.