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Naira begins new week on negative note

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The Naira depreciated against the dollar on Monday, exchanging for N464 at the investors’ and exporters’ window.

The rate represented a decrease of 0.36 per cent when compared to the N462.33 it exchanged at the close of business on May 12.

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

A spot exchange rate of N467 was used for trading within the day before it settled at N464.

Spot exchange rate was determined instantly.

The Naira sold for as low as N460 to the dollar within the day’s trading.

A total turnover of 55.10 million dollars was traded at the official Investors’ and Exporters’ window.

Lydia Ngwakwe

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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