Naira continues free fall at official rate; exchanges at N426.58 per dollar

The naira lost against the dollar on Wednesday at the Investors and Exporters’ window, exchanging at N426.58.

The figure represented a depreciation of 0.57 per cent compared with N424.17 it exchanged for the dollar on Tuesday.

The open indicative rate closed at N426.50 to the dollar on Wednesday.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N426.58.

The naira sold for as low as N414 to the dollar within the day’s trading.

A total of 144.03 million dollars was traded in foreign exchange at the official Investors and Exporters’ window on Wednesday. 

Peoples Gazette had earlier in the day reported that the naira slumped to new lows at the parallel market, exchanging at N630 to the U.S. dollar, per Aboki Forex.

(NAN)