Naira Slides Against US Dollar in Foreign Exchange Market


Nigeria’s currency started the week negatively, depreciating against the Dollar at the foreign exchange market.


According to FMDQ statistics, at the close of work day on Monday, the Naira fell to N993/$1.

The slump represented an N203 differential from the N789.94/$1 it recorded on Friday.

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Also, the market recorded a turnover of $88.3 million, a 66 per cent drop from the $259.8 million it recorded on Friday.

Moreover, in the parallel market, it exchanged for N1200/$1 on Monday from 1113/1$ on Friday.

The Minister of Finance, Wale Edun, last week had disclosed that the country would soon receive an inflow of $10 billion in foreign currency to mitigate the forex crisis.




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