Naira drops against Dollar, exchanges at N803.90 at official window

Amid the impact of the Central Bank of Nigeria’s foreign exchange reforms, the Naira depreciated against the dollar on Friday, exchanging at N803.90 at the investor’s and exporters’ window.

According to newsmen, the country’s currency decreased by 7.72 per cent compared to N746.28, which it exchanged for the dollar on Thursday.

The open indicative rate closed at N763.36 to one dollar on Friday.

A spot exchange rate of N829 to the dollar was the highest rate recorded within the day’s trading before it settled at N803.90.

The Naira sold for as low as N689.34 to the dollar within the day’s trading.

On Friday, $46.90 million was traded at the investors’ and exporters’ window.

Recall that the CBN announced the unification of the forex window with other operational changes to the market in June.