Naira drops after remaining stable for sometime

The local currency showed a 1.04 per cent decrease when compared with ₦464.67 it exchanged for the dollar on Wednesday.

The open indicative rate closed at ₦468.94 to the dollar on Thursday.

An exchange rate of ₦476.50 to the dollar was the highest rate recorded within the day’s trading before it settled at ₦469.50.

The naira sold for as low as 460 to the dollar within the day’s trading.

A total of $74.18 million dollars was traded at the official Investors and Exporters window on Thursday.