Naira weakened significantly against the United States dollar at the Investors and Exporters window on Wednesday amidst reports that the Central Bank of Nigeria (CBN) allowed the local fiat to trade ‘freely’ to reset the nation’s monetary policy.
Reports claimed that the CBN directed banks to remove the cap on the investors’ and exporters’ (I & E) window of the forex market to allow for the free float of the naira exchange rate.
Data from the FMDQ securities exchange window where forex is officially traded showed that the naira closed at N664.04 per $1 on Wednesday, the lowest the naira has ever traded in the market segment.
The currency’s performance at the authorised window shows a N192.40 or 40.80 per cent depreciation from N471.67 to a dollar, the domestic currency traded in the previous session on Tuesday.
The new development comes less than a week after the suspension of the CBN governor, Godwin Emefiele, whose monetary policies experts say pushed…
