The Naira experienced a slight depreciation against the dollar in the foreign exchange market ahead of Nigeria’s 64th Independence Day holiday on Tuesday.
Data from FMDQ revealed that the naira closed at N1541.94 per dollar on Monday, down from N1540.78 on Friday, resulting in a loss of N1.16.
However, in the black market, the Nigerian currency remained stable, holding steady at N1700 per dollar as of last Friday.
Additionally, foreign exchange transaction turnover saw a decline, dropping to $181.86 million on Monday from $213.3 million on Friday, according to FMDQ data.
Interestingly, last week, the naira had gained N126 against the dollar in the official FX market.