Naira drops against Dollar, exchanges at N774

The week started negatively as the Naira depreciated against the Dollar, exchanging at N774.78 at the official foreign exchange market window.

On Monday, the Naira lost by 4.27 per cent compared with N743.07, which it exchanged for after the close of business on Aug. 4.

The open indicative rate closed at N771.64 to the Dollar on Monday.

A spot exchange rate of N799 to the Dollar was the highest rate recorded within the day’s trading before it settled at N774.78.

The Naira sold for as low as N475 to the Dollar within the day’s trading.

On Monday, $45.98 million was traded at the official market window.

Financial expert, Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, said the Central Bank of Nigeria should introduce an urgent monetary policy to curb forex volatility.