The naira has dropped 40.78% and is now officially worth $664 per dollar

The highest exchange rate recorded throughout the day's trade was 791 to the dollar.The naira fell against the dollar in the Investors and Exporters window on Wednesday, exchanging for 664.04 per dollar.According to the News Agency of Nigeria (NAN), the local currency fell by 40.78% when compared to the dollar at 471.67 on Tuesday. The depreciation followed the Central Bank of Nigeria's (CBN) decision to banks to eliminate the naira rate cap at the Investors and Exporters' Window. The directive would allow the national currency to freely float against the dollar and other global currencies. On Wednesday, the open indicative rate was 473.83 to the dollar.An exchange rate of ₦‎791 to the dollar was the highest rate recorded within the day's trading before it settled at ₦‎664.04.