Naira begins new week on negative note

The Naira is reported to have depreciated against the dollar.The naira on Monday, depreciated against the dollar, 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.