The naira experienced a decline against the dollar in the foreign exchange market as the week began, coinciding with a decrease in FX transaction turnover.

According to FMDQ data, the naira fell to N1,562.66 per dollar on Monday, down from N1,541.02 per dollar recorded the previous Friday, marking a loss of N21.

In the parallel foreign exchange market, the naira also saw a slight decrease, trading at N1,665 per dollar on Monday compared to N1,663 per dollar last Friday.

This shift occurs alongside a drop in foreign exchange transaction turnover, which fell to $100.21 million on Monday from $190.57 million at the close of the previous week.

Additionally, the Central Bank of Nigeria commenced its 297th Monetary Policy Committee meeting in Abuja on Monday, with expectations for a significant monetary policy decision to be announced following the meeting on Tuesday.