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.
Following the circular, the naira experienced a record high of 791 naira per dollar but recovered throughout the week, ultimately closing at 663.04 naira to the greenback. The CBN also abandoned the previous official rate of 463 naira per dollar and embraced the weighted average of transactions at the I&E window as the new benchmark.
As of Thursday, June 15, 2023, the CBN’s website listed the weighted average of transactions conducted at the I&E window as 589 naira per dollar, representing a notable improvement from the 632.77 naira per dollar recorded just 24 hours earlier.
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