In a highly eventful week for the Nigerian currency, the naira closed at 663 naira per dollar at the Investors and Exporters (I&E) window, showcasing a significant appreciation.
The Live News reports that the local currency had experienced a decline earlier in the week, closing at 702 naira to the dollar on Thursday. However, it rebounded on Friday, culminating in a positive end to trading at 663 naira per dollar.
The Central Bank of Nigeria (CBN) played a crucial role in the recent fluctuations of the naira. On Wednesday, the CBN issued a circular introducing a new exchange rate system, known as the “willing buyer, willing seller” arrangement, for all exchange rates within the country. This effectively floated the naira, allowing it to respond more flexibly to market dynamics.
