The naira on Wednesday exchanged at 445.83 to the dollar at the Investors and Exporters window, a depreciation of 0.01 per cent, compared with the 445.80 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 4He urged the Central Bank of Nigeria to limit the supply of the naira using the currency redesign as an opportunity to take firm hold of the supply of the naira.“The way to go therefore is that now that the denominations are redesigned, it is up to the CBN to as much as possible, limit, control, manage, tighten the quantity of the redesigned currency.26 to the dollar within the day’s trading with a total of N127.78 million was traded at the official Investors and Exporters window.Meanwhile, Hassan Oaikhenan, a professor of Economics at the University of Benin, Benin-City, has attributed the depreciation of the naira to excess naira in circulation chasing the few dollars.
Oluwatoyin Luqman Bolakale is a graduate of Telecommunications Science, A Certified and etch network security specialist from International cyber security institute and specialised in Network security, mobile and wireless communications, He is a community developer and An Online Media Practioner currently the CEO/Publisher of Satcom Media