Naira hits N792/$1 at official market, drops further against Pound Sterling

Naira exchange rate to the Dollar dropped by N14.22 at the closing of trading on Monday, going for N792.04 to Dollar at the official market.

At the end of trading, the value of foreign exchange traded by authorised dealers and the clients was put at $49.46 million.

Foreign exchange traders recorded a 36.58 per cent drop in the value of foreign exchange transacted compared to $77.99 million worth of forex reported on Friday.

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Meanwhile, the average naira to dollar exchange rate in the Bureau De Change window of the official market was N847.02/$1, up from N823.3/$1.

The black market average rate for the naira to pound was put at N1103.9/£1, which is N29 higher than the N1074.9/£1 rate disclosed on Friday.

Similarly, the naira to euro rate closed upward, moving from N929.56/€1 to N952.5/€1, as the cost of the European currency increased by N22.94 kobo.