The naira exchanged at 418.33 to the dollar at the investors and exporters window on Wednesday, representing a 0.32 per cent depreciation, compared to 417 naira to the dollar recorded on Tuesday.
The open indicative rate closed at 418.25 naira to the dollar on Wednesday.
An exchange rate of 444 naira to the dollar was the highest rate recorded within the day’s trading before it settled at 418.33 naira.
The naira sold for as low as 410 to the dollar within the day’s trading.
A total of 151.07 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.
The naira is the currency of Nigeria. One naira is divided into 100 kobo. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federal Republic of Nigeria.
It controls the volume of money supplied in the economy in order to ensure monetary and price stability.