Naira’s Value Falls Against Dollar as Forex Market Opens Up, Exchanges at N702.19.
As the Central Bank of Nigeria (CBN) liberalizes the foreign exchange market, the Naira experienced a decline against the dollar at the Investors and Exporters window. According to NAN, the local currency depreciated by 5.75% compared to Wednesday, exchanging at N702.19 to the dollar.
During the day’s trading, the Naira reached its highest rate at N791 to the dollar before settling at N702.19. Conversely, it also reached its lowest point at 461 Naira to the dollar.
On Thursday, the official Investors and Exporters window witnessed a total trading volume of 70.72 million dollars.
The previous day, CBN introduced operational changes to the foreign exchange market, eliminating the cap on forex at the Investor and Exporters’ window.