The Naira Rises Against The Dollar

• On Monday, the Nigerian naira gained one over the U. S dollar at the investors and exporters window.

• From the report gathered, it exchanged at N461.38 to a dollar which represents 0.009 percentage increase.

• The Naira-dollar swap has been in flux for a while now, and it remains to be seen which way it heads before the weekend again.

EKO HOT BLOG reports that on Monday, the Nigerian Naira experienced a gain against the United States dollar at the Investors and Exporters window.

The Naira was exchanged at N461.33 to a dollar, representing a 0.09 percent increase compared to the N461.75 it exchanged for before the close of business on Friday. The open indicative rate on Monday closed at N461.50 to the dollar.

EDITOR’S PICKS:

• Fresh Crisis Rocks APC In Rivers State

• I Was Inches Away From Being A Prostitute – Omotola Jalade

• AC Milan Reportedly Interested In Ruben Loftus-Cheek

The exchange rate of N462.31 against the dollar was the highest recorded figure within the day’s trading, before settling at N461.33. During Monday’s trading, the Naira was sold for as low as N446 to the dollar. A total of 108.01 million dollars was traded at the official Investors and Exporters window.

This currency swap comes as the Central Bank of Nigeria continues to maintain restrictions on foreign exchange trading in an effort to protect the Naira and manage inflation.

The CBN has frequently adjusted the official exchange rate of the Naira against the dollar to reflect market realities and to prevent any negative impact on the Nigerian economy.

The stability of the exchange rate is crucial for the economy, as it determines the prices of goods and services, as well as the cost of living for Nigerians.