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Things have looked a little bit brighter for the Nigerian Naira on Monday as it had exchanged at ₦441.25 against the dollar during the Investors and Exporters window, while making a slight appreciation.
This current figure had also represented a slight increase of 0.03 percent when compared to the N₦41.38 it exchanged for the dollar before the close of business on the 14th of October.
The open indicative rate closed at ₦439.63 to the dollar on Monday and meanwhile, an exchange rate of ₦442.50 to the dollar was the highest rate recorded within the day’s trading before it settled at ₦441.25.
Within the day’s trading, the Naira sold for as low as ₦425 to the dollar.
A total of 46.21 million was traded in foreign exchange at the official investors and exporters window on Monday.
In a related report, Nigeria’s currency – the Naira, hit an all-time low of ₦734 to the dollar at the parallel market as the market reacted negatively to the Central Bank of Nigeria (CBN)’s decision to raise the Monetary Policy Rate (MPR) and Cash Reserve Requirement (CRR) to 15.5 percent and 32.5 percent respectively.
This was even as the nation’s stock market experienced low sentiment as sell-offs in the shares of GTCO, Nestle and UBA resulted in a loss of ₦112 billion from market capitalization of the Nigerian Exchange Limited (NGX).
The Naira had exchanged for N733 to a dollar at the parallel market on Wednesday but moves by the apex bank to mop up excess liquidity in the system despite the CBN insisting that the MPC recent decisions will stop the Naira from further depreciation proved abortive.
Speaking to newsmen during the Post Monetary Policy Meeting (MPC)-Facts behind the CBN’s decisions which held via Zoom on Wednesday, the Director of Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, noted that the apex bank is doing its best to ramp up its policy on increasing supply of FX in the system.