Naira Fluctuates, Closes At 663/$ At I&E Window

The Nigerian naira has continued fluctuating at the Investors and Exporters (I&E) window, closing at N663 to the dollar on Friday.  

The country’s legal tender closed at N702 to the dollar on Thursday but bounced back on Friday to end trading at N663.

Recall that the Central Bank of Nigeria, CBN, had on Wednesday issued a circular to the effect that all exchange rates across the country will now depend on “willing buyer, willing seller” operation at the I&E window, thereby floating the naira.

Following the announcement, the naira has traded at a record high of N791 per dollar but bounced back to close the week at N663.04 to the greenback.

See Also: CONFIRMED: CBN Unifies All Exchange Rate Windows

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

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

This marks an improvement from N632.77 quoted by the bank barely 24 hours earlier.

Obiajulu Joel Nwolu

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