June 15, 2023.
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The Naira was officially floated by the Central Bank of Nigeria (CBN) on Wednesday, allowing the value of the local currency to be determined by market conditions, especially demand and supply.
During the midweek session, the Naira plunged against the US Dollar in the Investors and Exporters (I&E) segment by 40.8 per cent to trade at N664.04/$1 compared with the previous day’s value of N461.67$1, according to data from FMDQ Securities Exchange.
In the black market, the Nigerian currency depreciated against the greenback on Wednesday by N3 to quote at N753/$1, in contrast to Tuesday’s rate of N750/$1.(www.naija247news.com).