Naira drops against dollar after CBN grants banks freedom to trade forex

Naira on Wednesday depreciated against the dollar at the Investors and Exporters window, exchanging N664.04 to the dollar. NAN reports that the local

Naira on Wednesday depreciated against the dollar at the Investors and Exporters window, exchanging N664.04 to the dollar.

The depreciation followed the directive by the Central Bank of Nigeria to banks to remove the rate cap on the Naira at the Investors’ and Exporters’ Window. Meanwhile, Prof. Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research, University of Lagos, said the CBN directive for a free flow of the Naira was a good development.

“We expect that the foreign exchange rate will trend downwards when foreign capital inflow increases, following from these.

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