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

Previous articleCooking Gas Price in Nigeria Jumps 101% – NBS
Next articleCBN to Hike Interest Rate to 14.50%, Cordros Forecasts