Naira on Wednesday depreciated against the dollar at the Investors and Exporters window, exchanging N664.04 to the dollar.
NAN reports that the local currency dropped by 40.78 per cent when compared with N471.67 it exchanged for the dollar on Tuesday.
The depreciation followed the directive by the Central Bank of Nigeria (CBN) to banks to remove the rate cap on the Naira at the Investors’ and Exporters’ Window.
The directive would allow for a free flow of the nation’s currency against the dollar and other global currencies.
The open indicative rate stood at N473.83 to the dollar on Wednesday.
An exchange rate of N791 to the dollar was the highest rate recorded within the day’s trading before it settled at N664.04.
The Naira sold for as low as 461 to the dollar within the day’s trading.
A total of 193.33 million dollars was traded at the official Investors and Exporters window on Wednesday.
Source: NAN
