Economy
Currency Float: Naira Depreciates Against Dollar, Exchanges At N702.19
Amid the liberation of the foreign exchange market by the Central Bank of Nigeria, CBN, the Naira on Thursday lost against the dollar at the Investors and Exporters window, exchanging N702.19 to the dollar.
According to NAN, the local currency depreciated by 5.75 per cent compared to N664.04, which it exchanged for the dollar on Wednesday.
The open indicative rate stood at N658.50 to the dollar on Thursday.
An exchange rate of N791 to the dollar was the highest rate recorded within the day’s trading before it settled at N702.19.
The Naira sold for as low as 461 to the dollar within the day’s trading.
On Thursday, a total of 70.72 million dollars was traded at the official Investors and Exporters window.
On Wednesday, CBN announced operational changes to the foreign exchange market, removing the cap on forex at the Investor and Exporters’ window.
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