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Naira exchanges at N724 to a dollar

The Nigerian currency, Naira, has dropped to a further low against the US dollar at the black and peer-to-peer (P2P) window of the foreign exchange market, IgbereTV reports

At the P2P market, mostly for online transactions, the Naira to dollar exchange rate closed at N724/$1 on Friday in contrast to the previous day’s rate of N721/$1, indicating a day-on-day decline of N3 or 0.42 per cent

While at the black market, the value of the Nigerian Naira depreciated against its United States counterpart by N3 or 0.43 per cent to settle at N705/$1 compared with the N702/$1 it was exchanged on Thursday

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