Naira Depreciates Against Dollar By 29% to Exchange N664.04/$1 at I&E Window

The Naira has crashed against the dollar at the official investor and exporter window to exchange N664.04/$1 on Wednesday.

This development follows the decision of the central bank to allow commercial banks and dealers to sell forex at market-determined rates.

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, according to Nairametrics. 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 Nairametrics checked around noon on Wednesday.