During President Bola Ahmed Tinubu’s administration, as part of the foreign exchange reforms, the Naira experienced a depreciation against the dollar at the Investors and Exporters window on Monday.
It was exchanged at a rate of N770.38 to the dollar, indicating a 16.19% decrease compared to the previous rate of N663.04 on June 16, as reported by NAN.
The open indicative rate at the close of business on Monday stood at N703.50 to the dollar.
Throughout the day’s trading, the highest recorded exchange rate was N799 to the dollar before settling at N770.38. Conversely, the Naira was sold as low as N461 to the dollar within the same trading period.
At the official Investors and Exporters window, a total of $78.03 million was traded on Monday.
It is worth noting that the Central Bank of Nigeria had announced the unification of foreign exchange rates the previous week, resulting in the floating of the Naira at the Investor’s and Exporters’ window.