The naira began the week on a weak note, losing some of its strength to the dollar on Monday following a decline in FX transaction turnover in the foreign currency market.
According to data from FMDQ, the naira fell to N1,562.66 per dollar on Monday from Friday’s close of N1,541.02.
This represents a loss of N21.
Also, in the parallel segment of the foreign currency market, the naira slightly lost weight to N1,665 per dollar on Monday from its price of N1,663 per dollar on Friday.
This development came as the FX transaction turnover slumped to $100.21 million on Monday from $190.57 million at the close of the preceding week.
This comes as the Central Bank of Nigeria’s 297th Monetary Policy Committee meeting opened in Abuja on Monday.
In this respect, CBN is expected to take a key monetary policy position at the close of the MPC meeting on Tuesday.
