Naira Depreciates Massively Against Dollar as FX Supply Drops

Posted by Lawal Munirst on October 29, 2024 0

The development comes after foreign exchange transaction turnover dropped significantly to $81.17 million on Monday from $284.93 million on Friday.

The naira has crashed massively against the dollar at the foreign exchange market on Monday.

FMDQ Data showed that the naira dropped to N1670.65 per dollar on Monday from N1600 exchanged last Friday.

This represents a N70.65 depreciation.

Similarly, at the parallel market, the naira fell to N1746 per dollar on Monday from N1740 traded at the close of last week.

The development comes after foreign exchange transaction turnover dropped significantly to $81.17 million on Monday from $284.93 million on Friday.

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