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BREAKING: FOREX: Naira depreciates by 29% to N664.04/$1 at I&E Window

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The exchange rate between the naira and the dollar closed at N664.04/$1 at the official investor and exporter window.

The Editor Nigeria earlier reported that the central bank had allowed commercial banks and dealers to sell forex at market-determined rates, in fulfillment of President Tinubu’s call for a unification of the exchange rate.

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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.

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This is a developing story…

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