The naira has again depreciated against the dollar in the foreign exchange market despite the increase in Nigeria’s external reserves.
FMDQ data showed that the naira depreciated to N1523.85 against the dollar on Monday from N1509.67 traded last Friday.
This represents N14.18 loss against the dollar compared to the N1509.67 traded on Friday.
Similarly, the naira depreciated to N1530 per dollar at the parallel foreign exchange market on Monday from N1525 on Friday.
The development comes despite the rise in Nigeria’s external reserves to $34.66 billion as of July 4, 2024.
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Also, FMDQ data showed that FX transaction turnover was $133.46 million on Monday, up from $116.88 million last Friday.
