Naira Weakens to N664.04 Per Dollar as Traders Digest CBN Policy

The Nigerian naira closed trading at N664.04 per dollar at the Investors and Exporters FX Window today, rallying off the lows it hit earlier in the trading session, according to FMDQ data seen by MoneyCentral.

The Central Bank of Nigeria (CBN) is now allowing banks to freely trade Foreign Exchange (FX) on the Investors and Exporters FX Window, by removing the previous cap, effectively devaluing the Naira.

This development means buyers and sellers of foreign currency (participants in the I&E window, including banks, exporters and investors) are now allowed to quote rates they find comfortable in the FX market.