Naira to Dollar begins new week on negative note.
The Nigerian naira experienced a depreciation against the United States dollar in the Investors and Exporters (I&E) window on Monday, signaling fluctuations in the country’s foreign exchange market.
According to reports, the naira exchanged at the rate of N750.96 against the US dollar on Tuesday, September 4, marking a 2.01 per cent decline compared to the N740.38 rate recorded after the close of business on September 3.
Furthermore, the open indicative rate concluded at N772.06 to the dollar for the trading day, reflecting the ongoing volatility in Nigeria’s forex market. Throughout the day’s trading, the spot exchange rate reached as high as N799.90 to the dollar before eventually settling at N750.96.
In contrast, the naira also experienced lower exchange rates, with reports indicating that it was sold for as low as N730 to the dollar during the trading session.
The trading volume at the Investors and Exporters window on Monday amounted to a total of 74.64 million dollars, signifying continued activity in the foreign exchange market.
Nigerians Shout Amen As Adeboye Predicts Naira will Bounce Back, Stronger Than Dollar Soon (Video)
These fluctuations in the exchange rate come just under 48 hours after Pastor Enoch Adejare Adeboye, the General Overseer of the Redeemed Christian Church of God, predicted that the naira would make a strong comeback, surpassing the US dollar. His statement adds an element of anticipation and interest in the financial market as Nigerians closely monitor the currency’s performance.
The dynamics of Nigeria’s foreign exchange market remain a focal point for economic analysts and investors, as the naira’s value continues to respond to various internal and external factors.
