The naira is officially floating after the Central Bank of Nigeria (CBN) released a circular on Wednesday stating that all exchange rates in the nation will henceforth follow the “willing buyer, willing seller” arrangement at the I&E window.
After the most fascinating week for the Nigerian naira in years, the currency finished at N663 to the dollar in the Investors and Exporters (I&E) market. The exchange rate for the local currency was N702 to the dollar on Thursday, but it dropped on Friday to N663 at the conclusion of business, representing a rise of 5.58% from the close of N702.19/$1 that was recorded in the last trading session.
The weighted average of transactions made in the I&E window on June 15, 2023, is currently given by the apex bank as N589/$ on its website. This is a rebound from the bank’s stated price of N632.77 from only one day earlier.
