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HomeBanking and FinanceNaira depreciates further, exchanges at N769.25 to Dollar

Naira depreciates further, exchanges at N769.25 to Dollar

Again, the Naira at the weekend dropped against the dollar, exchanging at N769.25 at the investors and exporters window.

The Naira depreciated by 0.82 per cent on Friday compared with N763, which it exchanged for the dollar before the Eid-el-Kabir holiday that began on 28 June.

The open indicative rate closed at N758.52 to one dollar on Friday.

An exchange rate of N841 to the dollar was the highest rate recorded within the day’s trading before it settled at N769.25.

On Friday, 263.45 million dollars were traded at the investors and exporters’ window.

The exchange rate opened the month of June at N464.67/$ when the Central Bank of Nigeria (CBN) was still maintaining multiple exchange rate windows.

 However, the unification of multiple exchange rate windows by President Bola Tinubu forced the CBN to change its foreign exchange policy.

By closing at N769.25/$1, the exchange rate depreciated by 39% in one month, one of the largest one-month depreciation of the currency seen for decades.

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