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Maintaining a steady decline, the naira has reportedly depreciated against the dollar at the foreign exchange market to resume the week amid a drop in FX transaction turnover when compared to other currencies.
FMDQ data showed that the naira dropped to ₦1,562.66 against the dollar on Monday from ₦1,541.02 per dollar recorded last Friday.
This represents ₦21 loss.
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Similarly, at the parallel foreign exchange market, the naira fell slightly to ₦1,665 per dollar on Monday from ₦1,663 exchanged last Friday.
The development comes as the foreign exchange transaction turnover dropped to $100.21 million on Monday from $190.57 million at the end of last week.
This is coming as the Central Bank of Nigeria’s 297th Monetary Policy Committee meeting kicked off in Abuja on Monday.
To this end, CBN is expected to take a key monetary policy stance at the end of the MPC meeting on Tuesday.
In other news, the National Drug Law Enforcement Agency, as reported by Eastern Updates, recovered N280,389,068.08 from forfeited assets in the month of August 2024.
This data is derived from a report outlining the agency’s successes in the fight against narcotics during August.
The report, named ‘War on Narcotics,’ highlighted the substantial achievements of the NDLEA in its operations throughout last month.
The report revealed that “The agency made 1,821 arrests—1,640 males and 181 females—and seized 142,291.3kg of various drugs.
“NDLEA charged 415 suspects, securing 414 convictions and asset forfeitures, and destroyed 49.63 hectares of cannabis farms.
“In drug demand reduction, 949 individuals were treated and rehabilitated, and 338 public enlightenment activities were conducted.”
The NDLEA was formed as a federal law enforcement agency under Decree No. 48, which was enacted on December 29, 1989.