Naira depreciates to N1,234/$ at official market

The value of the naira depreciated against the United States dollar to N1,234 at the official foreign exchange market on Monday, April 22, according to data obtained from the FMDQ securities exchange.

The exchange rate means the naira fell by N65 or 5.26 per cent from N1,169.99/$1 recorded on Friday, April 19.

The local currency had strengthened to around N1,072.74 on Wednesday as traders projected the naira could trade below N1,000/$1 for the first time in months.