Naira appreciates to N663/$ at investors/exporters window

Naira appreciates to N663/$ at investors/exporters window

The naira on Friday closed at N663 to the dollar at the Investors and Exporters (I&E) window.

This shows some appreciation in the local currency that closed on Thursday at N702 to the dollar.

On Wednesday, the Central Bank of Nigeria (CBN) issued a circular to the effect that all exchange rates in the country will now follow the “willing buyer, willing seller” arrangement at the I&E window, effectively floating the naira.

Since then, the naira has traded at a record high of N791 per dollar but recovered to close the week at N663.04 to the greenback.

The CBN also ditched the previous official rate of N463 per dollar to adopt the weighted average of transactions at the I&E window.

Currently, the apex bank is quoting N589/$ on its website as the weighted average of transactions carried out at the I&E window on Thursday, June 15, 2023.