Taiwo Popoola
The naira depreciated against the dollar at the foreign exchange market to resume the week amid a drop in FX transaction turnover.
FMDQ data showed that the naira dropped to N1,562.66 against the dollar on Monday from N1,541.02 per dollar recorded last Friday.
This represents N21 loss.
Similarly, at the parallel foreign exchange market, the naira fell slightly to N1,665 per dollar on Monday from N1,663 exchanged last Friday.
The development comes as the foreign exchange transaction turnover dropped to $100.21 million on Monday from $190.57 million at the end of last week.
This is coming as the Central Bank of Nigeria’s 297th Monetary Policy Committee meeting kicked off in Abuja on Monday.
To this end, CBN is expected to take a key monetary policy stance at the end of the MPC meeting on Tuesday.
