The naira opened yesterday on a negative note dropping by about 7.1 per cent at the formal market.

The naira closed at N773.50 per dollar at the Investors and Exporters (I & E) window, as against N736.62 recorded in the previous session. The open indicative rate closed at N771.49 per dollar yesterday.

A spot exchange rate of N804.15 per dollar was the highest rate recorded within the day’s trading before it settled at N773.50.