Stephen Ukandu, Umuahia
Naira Wednesday weakened further as it exchanged for N610 per dollar following the removal of restrictions on foreign exchange rate by the Central Bank of Nigeria.
The apex bank had directed banks to trade forex at any exchange rate in the Investors & Exporters window based on willing buyer, willing seller arrangements.
Shortly after the CBN directive, forex which previously exchanged for N471.67 rose sharply to N610 per dollar.
Experts say the immediate impact of the directive is enhanced foreign exchange inflow into the economy and further rise in the inflation rate.
