Naira drops against US dollar, exchanges at N793.30 at official window

The Naira on Wednesday marginally depreciated against the US dollar, exchanging at N793.70 at the Investors and Exporters window.

According to newsmen, the Naira decreased by 6.83 per cent compared with N742.93, which it exchanged for the dollar on Tuesday.

The open indicative rate closed at N778.07 to the dollar on Wednesday.

A spot exchange rate of N853 to the dollar was the highest rate recorded within the day’s trading before it settled at N793.70.
The Naira sold for as low as N699.50 to the dollar within the day’s trading.

On Wednesday, $87.19 million was traded at the investor’s and exporters’ window.

The Central Bank of Nigeria had announced Tuesday and Wednesday next for its Monetary Policy Committee Meeting, where decisions will be made on the Country’s economic challenges.