Naira Depreciation Continues Against Dollar

Nigeria’s currency, Naira on Friday lost slightly to the dollar, exchanging at N436.33 compared with N436.32 on Thursday.

The open indicative rate closed at N433.83 to the dollar on Friday.

An exchange rate of N437 to the dollar was the highest rate recorded within the day’s trading before it settled at N436.33.

The Naira sold for as low as N425 to the dollar within the day’s trading.

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A total of 66.02million dollars was traded at the official Investors and Exporters window on Friday.

Meanwhile, over the past month, Nigeria’s commercial banks have openly declared reduced limits on international transactions using naira debit cards to $20 per month.

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It means Nigerians would be unable to use their naira debit cards to make any transactions more than $20 in a month.

This comes as a longstanding scarcity of foreign exchange continues to bite Africa’s largest economy and biggest oil exporter, Nigeria, despite the recent surge in global energy prices.