The exchange rate between the Naira and the dollar closed at N664.04/$1 at the official investor and exporter window.
Source earlier reported that the central bank had allowed commercial banks and dealers to sell forex at market-determined rates, in fulfillments of President Tinubu’s call for a unification of the exchange rate.
Data from the FMDQ where forex is traded by investors and exporters closed at N664.04/$1 as against the closing rate of N471.67 on Tuesday. This represents a devaluation of 29% in one day.
The rate is still a wide disparity to the black market rate which sold for as high as N775/$1 when Source checked around noon on Wednesday.
This is a developing story…