Again Naira drops against US dollar, exchanges at N777.82

Obiora Clinton

Again, Nigeria’s currency, the Naira, depreciated against the Dollar, exchanging at N777.82 at the Investors’ and Exporters’ window.

According to NAN, the Naira lost by 1.26 per cent, compared to N768.16, which it exchanged for the Dollar the previous day.

The open indicative rate ended at N779.58/$1 on Friday.

A spot exchange rate of N844/$1 was the highest rate recorded within the day’s trading before it settled at N777.82.

The Naira sold for as low as N700 to the Dollar within the day’s trading.

On Friday, $77.99 million was traded at the official window.

Since introducing foreign exchange reforms in June, the country’s currency has fluctuated against the Dollar.

Financial experts blamed sabotage, which created artificial scarcity by mopping out dollars from the forex market, for the challenges.