The Nigerian naira experienced a significant decline in value, losing N64.5 against the US dollar in the foreign exchange market.
According to FMDQ data, the naira depreciated to N1,234.49 per US dollar on Monday, down from N1,169.99 on Friday.
This marks a continued downward trend, as the naira also fell to N1,169.99 per dollar on Friday from N1,154.08 on Thursday.
The parallel forex market saw a similar decline, with the naira falling to N1,200 per dollar on Monday from N1,100 on Friday.
This development comes after the naira experienced three consecutive days of depreciation last week, following a period of gains.
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