Naira drops against dollar ahead of Nigeria’s 64th Independence Day holiday

The naira depreciated slightly against the dollar at the foreign exchange market ahead of Nigeria’s 64th Independence Day holiday on Tuesday.

FMDQ data showed that the naira closed at N1541.94 per dollar on Monday from N1540.78 exchanged on Friday last week, losing N1.16.

Meanwhile, the naira remained flat and unchanged at N1700 per dollar exchange recorded at the black market last Friday.

This comes as foreign exchange transaction turnover dropped further to $181.86 million on Monday from $213.3 million recorded on Friday, according to FMDQ data.

in the last two days of last week, the naira gained N126 against the dollar at the official FX market.