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    • Business - Your Money
    • Updated: July 15, 2024

    Naira further slides to N1,577/$ despite increased FX trading

    Naira further slides to N1,577/$ despite increased FX tradin

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    Felicia Abisola Olamiji
    Felicia Abisola Olamiji

      A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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    Data from FMDQ, where dollar is officially traded has shown that the naira has continued its downward trend.

    On Monday, the naira further depreciated to N1,577.29 against the dollar on Monday from N1,563.80 last Friday.

    This indicated a N13.49 depreciation against the dollar compared to the N1,563.80 traded on Friday, while the naira maintained the same N1,560 per dollar at the parallel market.

    The development comes despite the increase in FX transaction turnover on Monday to $155.53 million from $126.50 million last Friday.

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