Naira gains marginally, exchanges at 441.25 to dollar
A man exchanges Nigeria’s currency Naira for US dollars in Lagos, Nigeria, on April 19, 2021. – Nigeria’s economy was already struggling with a fall in the price of oil, Nigeria’s major export, and a weak local naira currency before the global pandemic struck.<br />Now Nigeria’s inflation has soared to a four-year high of more than 18 percent in March 2021, with food prices up 22.9 percent, according to the National Bureau of Statistics. (Photo by PIUS UTOMI EKPEI / AFP)
The Naira on Monday appreciated slightly against the dollar at the Investors and Exporters window, exchanging at N441.25.
The figure represented an increase of 0.03 per cent compared with the N441.38 it exchanged for the dollar before the close of business on Oct. 14.
The open indicative rate closed at N439.63 to the dollar on Monday.
An exchange rate of N442.50 to the dollar was the highest rate recorded within the day’s trading before it settled at N441.25.
The Naira sold for as low as N425 to the dollar within the day’s trading.
A total of 46.21 million was traded in foreign exchange at the official investors and exporters window on Monday.
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