Naira drops against Dollar, exchanges at N775.76 in official window




The Naira on Friday ended the week losing against the Dollar, exchanging at N775.76, at the Investors and Exporters window.

The local currency lost 0.93 per cent compared to N768.60, which it exchanged for the Dollar on Thursday.

The open indicative rate closed at N776.74 to the Dollar on Thursday.

A spot exchange rate of N799.50 to the Dollar was the highest rate recorded within the day’s trading before it settled at N775.76.

The Naira sold for as low as N465 to the Dollar within the day’s trading.

On Friday, $54.18 million was traded at the investors’ and exporters’ window.

The Acting governor of thr Central Bank of Nigeria, Mr Folashodun Shonubi, briefing the media at the end of July’s Monetary Policy Meeting, admitted the current foreign exchange market challenges facing the Country.

Nigerian Newssphere calls that CBN, on June 14, announced operational reforms to the forex market, which led to the floating of the Naira.