The naira experienced a significant decline against the dollar in both official and parallel foreign exchange markets as the week commenced.
Data from FMDQ indicated that the naira fell to N1,675.62 per dollar on Monday, down from N1,652.62 the previous Friday, reflecting a loss of N23.
In the black market, the naira also depreciated, trading at N1,755 per dollar on Monday compared to N1,750 at the end of the previous week.
This decline coincided with a notable drop in FX transaction turnover, which fell to $108.79 million on Monday from $243.05 million recorded on Friday, as per FMDQ data.
Over recent months, the foreign exchange market in the country has experienced ongoing volatility, despite efforts by the Central Bank of Nigeria to stabilize the situation.