The naira fell against the US dollar in investors’ and exporters’ trade on Wednesday as interest rates began to converge across markets.
The US dollar sold to eligible users at 763.17 naira, devaluing the local currency by 0.87 per cent compared to 756.61 naira exchanged for dollars on Tuesday. The open target rate on Wednesday closed at 741.21 naira to the dollar. The rate of 815 naira per dollar was the highest recorded in day trading until it settled at 763.17 naira.
The naira sold overnight at 476 naira to the dollar. On Wednesday, a total of $96.44 million was traded on the official window for investors and exporters.
