The Nigerian Naira experienced a significant depreciation against the US Dollar on Wednesday, causing concerns in the financial market. The exchange rate at the Investors and Exporters window reached N782.38 to the dollar, marking a 3.38% decrease from the previous day’s rate of N757.51.
The open indicative rate closed at N778.49 to the dollar, reflecting the fluctuations in the currency’s value throughout the trading day. The highest spot exchange rate recorded during the day was N800 to the dollar, but it eventually settled at N782.38.
While the naira saw a high of N800 and a low of N730 against the dollar during the trading day, the final rate of N782.38 raised concerns about the currency’s stability and the potential impact on the economy.
During the day’s trading, a total of $60.26 million was exchanged at the investor’s and exporters’ window, indicating ongoing activity in the foreign exchange market.
The fluctuation in the exchange rate underscores the challenges faced by Nigeria’s economy, including inflationary pressures and external economic factors. Market participants and stakeholders will be closely monitoring the currency’s performance as they assess its potential implications for the broader economic landscape.
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