The Nigerian naira has continued significant depreciation against the dollar at the foreign exchange market as FX supply dropped at the start of the week.

FMDQ data showed that the naira weakened significantly to N1690.37 per dollar on Monday from the N1652.25 exchange rate on Friday last week. This represents N38.12 depreciation against the dollar.

Meanwhile, at the black market, the naira remained flat at N1740 per dollar on Monday, the same rate at the close of work last week.

This comes as FX transaction turnover decreased to $173.14 million on Monday from $296.63 million recorded on Friday last week.

Naira records significant depreciation against dollar