The Nigerian Naira experienced a significant depreciation, reaching a record low of N1,534.39 against the US dollar in the foreign exchange market on Monday.

Data sourced from FMDQ revealed this decline from N1,469.97 on Friday, indicating a 4.2% or N64.42 drop compared to the previous trading session.

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This marks a return to the exchange rate observed on Monday, January 29, coinciding with the Central Bank of Nigeria’s introduction of the ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms.

Similarly, the Naira witnessed a slight increase at the Parallel Market, rising to N1,495 per Dollar on Monday from N1,490 on Friday.