Effective June 15, 2023, the bank now quotes the exchange rate of N632.77 per dollar, representing the rate “as at Wednesday, June 14, 2023”.
In addition to the naira-to-dollar rate, the CBN has revised the rates for other major currencies. Previously at N581.52, the British pound now stands at N799.75, while the euro has surged from N498.94 to N683.48 as of June 14, 2023.
This change follows the CBN’s recent circular, which implemented the “willing buyer, willing seller” arrangement for all exchange rates within the country. The circular, issued on Wednesday, specifies that the operational rate for government-related transactions will be determined by the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two decimal places.
Angela Sere-Ejembi, the director of CBN’s financial markets department, signed the policy brief, indicating that the bank will continue to quote the “weighted average” rate derived from the previous day’s transactions at the trading window.
The introduction of the I&E window was previously announced by Godwin Emefiele, the recently suspended governor of the CBN. The purpose of this window is to enhance the mechanisms of the foreign exchange market, boost market liquidity, and facilitate swift execution and settlement of all forex transactions.
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