Data from the FMDQ securities exchange revealed that on Monday, April 22, the value of the naira depreciated against the United States dollar to N1,234 at the official foreign exchange market.
This exchange rate signifies a decline of N65 or 5.26 percent from the rate of N1,169.99/$1 recorded on Friday, April 19.
Earlier in the week, the local currency had shown signs of strengthening, reaching approximately N1,072.74 on Wednesday. Traders had anticipated that the naira might trade below N1,000/$1 for the first time in months.
