Naira Crashes Further Against US Dollar

As trade on the foreign currency market restarted, the value of the naira continued to decline against the dollar.

The naira dropped to about N1505 against the dollar on Monday at the parallel market, from 1490 last Friday.

The naira depreciated against the dollar on Monday, falling to N1490 from N1485.53 last Friday, according to FMDQ statistics.

In relation to the dollar, this is a slight loss of N4.47, down from N1485.53 on Friday.

This development coincides with a decline in foreign exchange transaction turnover from $193.50 million last Friday to $152.00 million on Monday.