The Naira on Friday closed on a negative note as it exchanged for N770.17 against the dollar at the investors and exporters window.
The naira depreciated by 0.66 per cent when compared with N765.13 for which it exchanged for the dollar on Thursday.
The open indicative rate closed at N759.13 to the dollar on Friday.
An exchange rate of N801 to the dollar was the highest rate recorded within the day’s trading, before it settled at N770.17.
The naira sold for as low as 461.10 to the dollar within the day’s trading.
A total of 125.47 million dollars was traded at the official investors and exporters window on Friday.
Recently, the Central Bank of Nigeria loosened control of rates in what appears to be a managed float in a move away from a fixed foreign exchange policy experienced during Muhammadu Buhari-led government.
For years, Nigeria maintained a tightly controlled official exchange rate as the country’s forex reserves hit new lows. While the CBN maintained an artificial rate of $1/N462, most people couldn’t get the greenback at those rates.
To control demand, the CBN created a list of 43 items for which importers could not access FX at official rates.
The Buhari administration boasted of improving the exchange rate prices before it was elected, and was reluctant to float the Naira. Instead, it blamed other players for the massive gap between official and black market rates.
