The exchange rate between the dollar and naira fell to N795/$ at the investor & exporter window yesterday at the close of business from the N803/$1 on Friday, July 15.
This is coming after the lowest ever the exchange rate fell since Nigeria adopted the managed float exchange rate system and the first time the rate closed above N800/$1 last week.
The market opened at N782.79/4. It reached a peak of N832 and a low of N699.5 before closing at N795/$
A series of policy moves to unify Nigeria’s exchange rate have been welcomed by the markets, but without the CBN injections, the naira has been on the downtrend even as the dollar falls against major currencies.
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Investors and economists recognize that de-pegging the currency would end years of foreign currency rationing and boost portfolio and direct investment inflows to Nigeria, but the latest data show.
