The Naira exchange rate to the Dollar experienced a significant drop of N14.22 at the close of trading on Monday, settling at N792.04 to the Dollar at the official market.
During the trading session, authorised dealers and clients exchanged a total of $49.46 million worth of foreign exchange, indicating a 36.58% decrease compared to the $77.99 million traded on Friday.
Meanwhile, in the Bureau De Change window of the official market, the average Naira to Dollar exchange rate rose to N847.02/$1, up from N823.3/$1. Additionally, the black market average rate for the Naira to Pound reached N1103.9/£1, showing an increase of N29 compared to Friday’s rate of N1074.9/£1. Similarly, the Naira to Euro rate closed higher at N952.5/€1, with the cost of the European currency rising by N22.94 kobo.