Market News
Naira Depreciates By 1.60%, Closes At N1,533.63/$ - INDEPENDENT
The naira depreciated at the close of trading on the official FMDQ FX trading platform on Monday by 1.60 per cent to close at N1,533.73 per dollar.
It opened trading at 1531.50 per dollar.
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The drop, according to FX analysts, must have been a result of pressure when the dollar was well sought after at the weekend.
Dealers also attributed the drop to the policies of Donald Trump’s administration and his posture of strengthening the dollar.
The drop, according to analysts, must also be due to the perceived strong consideration of investors towards investment in the United States against other markets.
