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    Wednesday, June 10
    FX Market

    Naira Slips as Exchange Rate Hits N436.50 to Dollar

    Olu AnisereBy Updated:No Comments2 Mins Read
    Naira Slips as Exchange Rate Hits N436.50 to Dollar

    Naira Slips as Exchange Rate Hits N436.50 to Dollar

    The Nigerian local currency, the Naira depreciated against the United States dollar at the Investors and Exporters foreign exchange (FX) window by about one per cent to N436.50.

    The local currency has been on free falling at the official window as a result of a persistent disequilibrium position triggered by strong demand for foreign currencies and lower market supply. Though the apex bank maintained its stance on its weekly intervention, the naira fortune has not improved.

    The spot rate at the Investors and Exporters FX window represents a depreciation of 0.06 per cent compared with N436.25 to the dollar at the close of business on Friday, according to data from the FMDQ Exchange platform.

    The open indicative rate closed at N434.38 to the dollar on Monday, according to currencies traders. An exchange rate of N437.10 to the dollar was the highest rate recorded within the day’s trading before it settled at N436.50.

    READ: FOREX: US Dollar Slips after Currencies Traders Take Profits

    The Naira sold for as low as N434 to the dollar within the day’s trading. Meanwhile, a total of 41.02 million dollars was traded at the official Investors and Exporters window on Monday.# Naira Slips as Exchange Rate Hits N436.50 to Dollar

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    Olu Anisere is a financial and economic journalist at MarketForces Africa, specialising in African macroeconomic policy, international finance, energy markets, and continental development.He covers major multilateral institutions, including the International Monetary Fund (IMF), World Bank, and the United Nations Economic Commission for Africa (ECA), providing readers with frontline reporting on policies shaping Africa's economic trajectory.Olu has reported extensively on Nigeria's fiscal and monetary policy landscape, including CBN interest rate decisions, Nigeria's bond market, FX inflows, and the country's engagement with global financial institutions.His coverage spans IMF and World Bank Spring and Annual Meetings, African Ministers of Finance conferences, and high-level economic forums where Africa's development agenda is set.His reporting captures perspectives from Africa's most influential economic voices, including Tony Elumelu, senior IMF officials, and CBN leadership, bringing institutional insight and policy depth to MarketForces Africa's readers.Olu also covers Inside Africa — tracking economic, investment, and development stories from across the continent. Olu Anisere is based in Lagos, Nigeria.

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