Naira depreciates further against dollar

The naira depreciated further against the dollar as the foreign exchange market resumed trading.

At the parallel market, the naira weakened to around N1505 against the dollar on Monday from 1490 last Friday.

Similarly, FMDQ data showed that the naira dropped to N1490 against the dollar on Monday from N1485.53 last Friday.

This represents a marginal N4.47 loss against the dollar compared to N1485.53 on Friday.

The development comes as foreign exchange transaction turnover dropped to $152.00 million on Monday from $193.50 million last Friday.

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