Naira opens week on negative note

On Monday, the naira depreciated against the dollar, exchanging at N463.50 at the Investors and Exporters window.

The local currency decreased by 0.11 percent as compared to N463, which it exchanged for the dollar at the close of business on May 19.

The open indicative rate closed at N463.50 to the dollar on Monday.

An exchange rate of N467 to the dollar was the highest rate recorded within the day’s trading before it settled at N463.50.

The naira sold for as little as 460 to the dollar within the day’s trading.

A total of 106.84 million dollars were traded at the official Investors and Exporters window.