Naira loses slightly against dollar

Naira loses slightly against dollar

Naira loses slightly against dollar. The Naira marginally depreciated against the dollar on Friday, trading at N436.33 as opposed to N436.32 on Thursday.

On Friday, the open indicative rate reached a high of N433.83 to the dollar.

Before it closed at N436.33, the exchange rate for the day’s trade reached a high of N437 to the dollar.

In the course of the day’s trade, the Naira dropped as low as N425 to the dollar.

On Friday, transactions in the official Investors and Exporters window totaled 66.02 million dollars.

In the meantime, Nigeria’s commercial banks have openly stated that the monthly cap on overseas transactions made with naira debit cards has been decreased to $20.

It implies that Nigerians won’t be allowed to make any purchases totaling more than $20 in a single month using their naira debit cards.

This is happening at a time when Nigeria, Africa’s largest economy and top oil exporter, is still suffering from a chronic lack of foreign currency despite the current spike in energy prices.