The Nigerian currency, the naira, saw a slight depreciation against the US dollar on the approved foreign exchange market on Monday, according to market data released by FMDQ.
According to rapidospace.com, the naira closed at N1,508.99/$1 on Monday, compared to N1,505.30/$1 recorded in the previous session on Friday last week.
Throughout the day, the naira ranged from an intraday high of N1,441.00 to a low of N1,536.00 before settling at N1,508.99/$1 by the close of trading on Monday.
FMDQ data indicated that the spot market segment recorded a foreign exchange transaction volume of $122.31 million.
Meanwhile, in the parallel market, the dollar recorded a slight gain on Monday, closing at N1,500/$1 compared to N1,525 on Friday last week, according to forex traders in Abuja Zone 4 as reported by rapidospace.com.
In recent months, the value of the naira against the dollar, both in official and unofficial markets, has largely remained between N1,400 and N1,500, reflecting ongoing efforts by the government to stabilize the local currency. Unofficial market data indicated the dollar was trading at approximately N1,498.821 on Monday.
