On Tuesday, the Nigerian Currency, the Naira, experienced Depreciation at the Investors and Exporters window.
It was observed that the Exchange rate stood at N464.42 to the United States Dollar, representing a decrease of 0.20 percent compared to the previous day’s rate of N463.50.
Furthermore, the open Indicative rate, which is used as a reference point in the Foreign Exchange Market, concluded the day at N464.10 to the Dollar.
However, during the day’s Trading, the Exchange rate reached its highest point at N632 to the Dollar before settling at N464.42.
Interestingly, the Naira exhibited some volatility throughout the Trading day, as it was observed that the Currency was being sold for as low as 460 Naira to the Dollar.
This demonstrates fluctuations in the Currency’s Value and reflects the dynamic Nature of the Foreign Exchange Market.
Overall, on Tuesday, the Naira experienced a slight Depreciation against the US Dollar at the Investors and Exporters window, with an exchange rate of N464.42. The open indicative rate closed at N464.10, while the highest rate recorded during the day’s Trading was N632 and the lowest rate observed was 460 Naira to the Dollar.
