Naira exchanges N770.38 to dollar, drops 16.19%

By Lydia Ngwakwe

 

The Naira on Monday depreciated against the dollar at the Investors and Exporters window, exchanging N770.38 to the dollar.

 

The local currency showed a 16.19 per cent decrease when compared with N663.04 it exchanged to the dollar at the close of business on June 16.

 

The open indicative rate closed at N703.50 to the dollar on Monday.

 

An exchange rate of N799 to the dollar was the highest rate recorded within the day’s trading before it settled at N770.38.

 

The Naira sold for as low as N461 to the dollar within the day’s trading.

 

A total of 78.03 million dollars was traded at the official Investors and Exporters window on Monday.

 

(NAN)