Economy
Foreign Exchange Turnover Drops As Naira Gains Ground Against Dollar
Foreign Exchange Turnover Drops As Naira Gains Ground Against Dollar
The naira appreciated against the dollar at the foreign exchange market to start the week on a positive note.
FMDQ data showed that the naira appreciated to N1585.77 per dollar on Monday from N1598.56 exchanged on Friday last week, recording N12.79 gain.
Similarly, at the parallel foreign exchange market, the naira gained N10 to close at N1635 per dollar on Monday from N1645 recorded on Friday.
This showed that the naira received a significant boost against the dollar on
Monday.
Meanwhile, FMDQ data showed that foreign exchange transaction turnover dropped significantly to $71.18 million from $172.80 million at the close of work last week.
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