Naira depreciates against the US dollar and trades at N774

The Naira declined against the Dollar, trading at N774.78 in the official foreign currency market window, signalling a bad start to the week.

NAN reports that compared to the N743.07 it swapped for at the close of business on August 4, the Naira fell 4.27 percent on Monday.

On Monday, the open indicative rate reached a high of N771.64 to the Dollar.

Before it ended at N774.78 during the day’s trade, the spot exchange rate to the Dollar peaked at N799.

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During the course of the day’s trade, the Naira fell as low as N475 to the Dollar.

At the designated trading window on Monday, $45.98 million was exchanged.

The Central Bank of Nigeria should immediately implement a monetary strategy to reduce FX volatility, according to financial expert Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise.