Naira Loses 0.09% Against The Dollar In Tuesday Trading At I & E Window

The naira on Tuesday exchanged at 446.38 to the dollar at the Investors and Exporters window, a depreciation of 0.09 per cent, compared with the 446 it exchanged on Monday.

The open indicative rate closed at N445.40 to the dollar on Tuesday.

An exchange rate of N452 to the dollar was the highest rate recorded within the day’s trading before it settled at N446.38.

The naira sold for as low as 440 to the dollar within the day’s trading.

A total of N72.15 million was traded at the official Investors and Exporters window on Tuesday. 

GWG.ng reports that the loss of the naira compared to the dollar at the official I and E window on Tuesday came as the CBN warned that it would take strong actions including seeking jail terms for those who abuse the naira.

Principal Manager, Currency Operations Department at the CBN, Ms Ngozi Etim, gave the warning when she spoke with the News Agency of Nigeria (NAN).

She said the CBN was working with the police, the FIRS, the EFCC and the Nigerian Financial Intelligence Unit to curb the abuse.

She condemned the “spraying’’ of money in public, adding that the envelope remained the best and acceptable means of extending goodwill at events.

“Money should not be squeezed but be put in envelopes. Oil should not be allowed to touch money; keep it neat like you keep your clothes.

“You do not dirty your clothes and you do not keep your clothes on the ground, so, there is need to keep our naira well,’’ she said.

She added that the CBN Act empowered it to arrest those who abused the naira.

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