The turnover of US Dollar transactions at the official foreign exchange market plunged by 64.31 per cent to $96.13 million at the close of work on Monday.
FMDQ data on Monday showed that USD transactions depleted to $96.13 million from $269.35 million.
Meanwhile, the naira appreciated slightly to 0.58 per cent to N1,617.96 per USD on Monday compared to N1,627.4 on Friday.
Central Bank of Nigeria data showed that the foreign reserve stood at $34.11 billion as of 7th March 2024 against $34.02 billion posted on the previous day.
The development comes as the Economist Intelligence Unit had advised the Nigerian government to consider foreign loans to solve liquidity challenges facing its FX market.
Naira crisis: USD turnover plunges by 64% to $96.13m at forex market
