The Nigerian naira began the week on a positive note, appreciating against the U.S. dollar in the foreign exchange market.
According to data from FMDQ, the naira strengthened to N1,585.77 per dollar on Monday, up from N1,598.56 per dollar on Friday, marking a gain of N12.79.
In a similar trend, the naira also appreciated in the parallel market, gaining N10 to close at N1,635 per dollar on Monday, compared to N1,645 per dollar on Friday. This reflects a notable improvement in the naira’s value against the dollar.
However, foreign exchange transaction turnover saw a significant decline. FMDQ data revealed that turnover dropped sharply to $71.18 million on Monday, down from $172.80 million at the close of trading last week.
