Naira Drops by 1% in New Week - The Top Society

Naira Drops by 1% in New Week

By: Blessing Emmanuel


At the beginning of the new week, the Naira faced a significant decline at the Investors and Exporters window. The Naira’s value fell from N740.38 to N747.87, raising concerns of potential further depreciation in the forex exchange market.

On Monday, the open indicative rate concluded at N772.06 to the dollar. During the day’s trading, the spot exchange rate reached a high of N799.90 to the dollar before eventually stabilizing at N747.87. Notably, the Naira hit a low point, trading for as little as N730 to the dollar within the same trading day.

The total trading volume amounted to a substantial 74.64 million dollars, underscoring the market’s volatility and the apprehension among investors.

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These developments have put the foreign exchange market on edge, with market participants closely monitoring the Naira’s performance in the coming days.

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