DESPITE a 46.49% surge in foreign exchange market turnover on Monday, the Nigerian Naira did not strengthen against the US Dollar.
Data from FMDQ revealed that the country’s daily FX market turnover rose to $123.25 million on Monday from $84.02 million on Friday.
Despite the increased supply of FX, the Naira depreciated by 1.96% at the official market to N795.41 on Monday, compared to N780.14 on Friday. Meanwhile, at the parallel market, the Naira traded at N1100 against the Dollar, the same rate as on Friday.
