With CBN restrictions lifted, the naira declines to N664.04/$

We learned on Wednesday night through FMDQ Exchange that the Central Bank of Nigeria (CBN) had finally depreciated the naira.
The dollar finished at N664.04/$1 according to FMDQ Exchange, the official market foreign exchange aggregator.
Considering that the dollar closed at N471.67/$1 the day before, the exchange rate for the dollar climbed by 40.7%, or N192.37 kobo, at the finish of today's trading.
Intriguingly, the dollar rate fluctuated throughout the trade, reaching a high of N791/$1 and a low of N461/$1 for the day. However, at the close of trading, the dollar rate was N664.04/$1.
The foreign exchange exchanged in the investors and exporters window before trading ended on the official market was worth $193.33 million.
This was more than the $114.78 million in foreign exchange that was exchanged on Tuesday between authorized dealers and willing purchasers. The supply of foreign currency rose by $78.55 million, or 68.4%.

The CBN revealed on Wednesday that it had used the "Willing Buyer, Willing Seller" approach in the official market in a statement that confirmed the devaluation of the naira.
Thus, the negotiation between the sellers and the buyers will set the exchange rate of foreign currencies, minimizing the influence of CBN control over price movement. The "Willing Buyer, Willing Seller" concept is being reintroduced at the I&E Window.
The current window establishment circular, FMD/DlR/ClR/GEN/08/007, dated 21 April 2017, will serve as the operational manual for this window. At this time, all qualified transactions are allowed to access foreign exchange, according to the CBN.
The CBN said in the circular, "Operational Changes to the Foreign Exchange Market," that the market will also control transactions involving the government. The weighted average rate of the previous day's conducted transactions at the I&E window, calculated to two (2) decimal places, must serve as the operational rate for all government-related transactions, according to the apex bank.