By Our Correspondent
The naira on Wednesday exchanged at 445.83 to the dollar at the Investors and Exporters window, depreciating by 0.01 per cent.
This is against the N445.80 to the dollar it exchanged on Tuesday.
The open indicative rate closed at N444.25 to the dollar on Wednesday.
An exchange rate of N452 to the dollar was the highest rate recorded within the day’s trading before it settled at N445.83.
The naira sold for as low as N426 to the dollar within the day’s trading.
A total of N127.78 million was traded at the official Investors and Exporters window on Wednesday.
Meanwhile, Hassan Oaikhenan, a professor at the University of Benin, Benin City attributed the depreciation to excess naira in circulation.
Oaikhenan urged the Central Bank of Nigeria (CBN) to limit the supply of the naira.
He said that the Apex bank could achieve this, using the currency redesign as an opportunity to take firm control of the supply.
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“The way to go, therefore, is to redesign the denominations.
“It is up to the CBN to limit, control, manage and tighten the quantity of the redesigned currency.
“The CBN must properly manage the higher denominations in circulation so as to address this phenomenon of too much naira chasing few dollars.
“If we do that sustainably, we will see improvement in exchange rate of naira to the dollar,” he said.
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