Economy
Naira Drops Further Against US dollar, Exchanges At N770 Amid Tinubu’s Forex Reforms
Amid the foreign exchange reforms by President Bola Ahmed Tinubu’s administration, the Naira on Monday depreciated against the dollar at the Investors and Exporters window, exchanging N770.38 to the dollar.
According to NAN, the local currency showed a 16.19 per cent decrease compared to N663.04 it exchanged to the dollar at the close of business on June 16.
The open indicative rate closed at N703.50 to the dollar on Monday.
An exchange rate of N799 to the dollar was the highest rate recorded within the day’s trading before it settled at N770.38.
The Naira sold for as low as N461 to the dollar within the day’s trading.
On Monday, $78.03 million was traded at the official Investors and Exporters window.
Recall that last week, the Central Bank of Nigeria announced the unification of foreign exchange rates, which led to the floating of the Naira at the Investor’s and Exporters’ window.
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