MONEY MARKET: Naira Loses To Dollar, Closes At 419

The Naira on Monday depreciated at the Investors and Exporters window, exchanging at N419 to the dollar, a 0.48 per cent depreciation, weaker than N417 it traded on Friday.

The open indicative rate closed at N419 to the dollar on Monday.

An exchange rate of N423.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N419.00.

The Naira sold for as low as 410.84 to the dollar within the day’s trading.

A total of 53.15 million dollars was traded in foreign exchange at the official Investors and Exporters window on Monday.

Meanwhile, Prof. Hassan Oaikhenan of the Department of Economics, University of Benin, has attributed the currency’s loss to the limited supply of the green back.

He said, “the depreciation is normal and not unexpected, given the demand pressures for the dollar in relation to the limited supply of the green back.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.