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 426 to the dollar within the day’s trading.

A total of N127.78 million was traded at the official Investors and Exporters window on Wesnesday.

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.

He urged the Central Bank of Nigeria (CBN) to limit the supply of the naira using the currency redesign as an opportunity to take firm hold of the supply of the naira.