In a turn of events following the Central Bank of Nigeria’s decision to liberalize the foreign exchange market, the Naira has experienced a significant drop against the dollar at the Investors and Exporters window, with an exchange rate of N702.19 to the dollar.
According to the Nigerian News Agency (NAN), the local currency has depreciated by 5.75% in comparison to Wednesday’s exchange rate of N664.04 to the dollar.
During Thursday’s trading, the open indicative rate was recorded at N658.50 to the dollar.
At its peak, the exchange rate spiked at N791 to the dollar before eventually settling at N702.19.
The lowest exchange rate witnessed during the day’s trading was as low as 461 Naira to the dollar.
A total of $70.72 million was traded at the official Investors and Exporters window on Thursday.
Notably, the Central Bank of Nigeria announced operational changes to the foreign exchange market on Wednesday, removing the cap on forex at the Investor and Exporters’ window.
