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Naira Depreciates Again, Exchanges At N419.75 Against Dollar

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The Nigerian currency, Naira drops in value against the US Dollar on the floor of the foreign exchange market on Friday as investors trade in millions.

Naija News understands that the Naira exchanged at N419.75 to the dollar, a 0.06 per cent depreciation, compared to N419.50 to the dollar on the previous day.

The Investors and Exporters window on Friday opened indicative rate closed at N419.70 to the dollar.

An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N419.75.

The Naira sold for as low as 410 to the dollar within the day’s trading. Naija News understands that a total of 185.85 million dollars was traded in foreign exchange at the official Investors and Exporters window yesterday.

Meanwhile, experts have identified viable means by which Nigeria’s currency, Naira can be improved in value.

Having sat for hours at a one-day roundtable on national issues organised by Development Specs Academy in Abuja, the experts resolved that the country must increase its productivity and change consumption patterns as that alone can shore up the value of the Naira.

The roundtable meeting, Naija News understands was also attended by participants from the civil society communities, youth-based organisations, youths in politics and social media influencers, among others.

Major speakers at the meeting included the convener, Dr Okey Ikechukwu, a former spokesperson for the Nigerian Army, Brigadier Sani Usman (retd.); Rev.Fr. George Ehusani, Prof Jim Unah, Dr Amaechi Anakwue, Prof. Christopher Ogbogbo, Dr Amara Albert, Dr Hyeladi Haruna, and Dr Amaechi Anakwue, among others.

While delivering his speech at the event, Dr Ikechukwu observed that the Central Bank of Nigeria, CBN, had made efforts with several policy interventions to improve the value of the national currency.

In his mentions, Ikechukweu listed the Anchor Borrowers Programme as one of those programmes by the apex bank which was created to enhance farmers’ access to loans.