Following Naira Devaluation, report has it that Naira Drops against Dollar Exchanges at N702.19
In the wake of the Central Bank of Nigeria’s decision to liberalize the foreign exchange market, the Naira experienced a decline against the dollar at the Investors and Exporters window on Thursday, with an exchange rate of N702.19 per dollar.
According to NAN, the local currency depreciated by 5.75% compared to Wednesday’s exchange rate of N664.04 per dollar.
The open indicative rate on Thursday was N658.50 per dollar.
Throughout the day’s trading, the highest exchange rate reached was N791 per dollar before settling at N702.19. On the other hand, the Naira reached a low of 461 per dollar during the trading session.
A total of $70.72 million was traded at the official Investors and Exporters window on Thursday.
On Wednesday, the CBN announced operational changes to the foreign exchange market, including the removal of the cap on forex at the Investor and Exporters’ window.