In line with President Bola Tinubu’s call for a unified exchange rate, the rate between the naira and the dollar closed at N664.04/$1 at the official investor and exporter window.
This is coming on the heels of call by the central bank asking 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. 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.
This is a developing story…
