The Naira is on its way to recovery shortly after the Central Bank of Nigeria granted banks and other financial institutions the freedom to trade forex at market-determined rates. 

Naira was initially quoted between N750 and N755 per dollar before appreciating to close at N664.04 to the greenback.

Data from FMDQ OTC Securities Exchange showed that Naira opened at N471.67 to the dollar, depreciating to N755 after the float, then recovering to N664.04 at the close of business.

The closing rate represents a day-on-day depreciation of 40.8 percent from the N471.67 traded at the I&E window on Tuesday, June 13.

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