In the wake of the Central Bank of Nigeria’s (CBN) liberalization of the foreign exchange market, the Naira experienced a decline against the dollar at the Investors and Exporters window on Thursday.
Reports indicate that the local currency traded at N702.19 to the dollar, marking a depreciation of 5.75% compared to the previous day’s exchange rate of N664.04.
NAN further reveals that the open indicative rate for the day stood at N658.50 to the dollar.
Throughout the day’s trading, the exchange rate fluctuated, reaching a high of N791 to the dollar before eventually settling at N702.19. At its lowest point, the Naira was sold at 461 to the dollar, reflecting the volatility of the market.
Within the official Investors and Exporters window, a total of 70.72 million dollars were traded on Thursday. These figures highlight the significant activity within the forex market amidst the recent changes announced by the CBN.
On Wednesday, the CBN made operational adjustments to the foreign exchange market, specifically removing the cap on forex at the Investor and Exporters’ window. This move signifies a shift in the regulatory landscape and aims to foster a more open and flexible foreign exchange system.
As the market continues to adapt to these changes, the exchange rate fluctuations serve as a reminder of the dynamic nature of the forex landscape. Market participants will closely monitor the developments and adjust their strategies accordingly in response to the evolving conditions.