The Central Bank of Nigeria (CBN) has removed the old naira-to-dollar rate from its website, quoting new rates from the investors and exporters (I&E) window.
As of June 15, 2023, the bank quoted N632.77 per dollar from the I&E window, stating this as the rate “as at Wednesday, June 14, 2023”.
According to the apex bank, the British pound is quoted to be equal to N799.75, from N581.52 the day before the float. Euro is quoted to have gone from N498.94 before the float to N683.48 “as at June 14, 2023”.
On Wednesday, the 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.
“The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places,” the circular read.
The policy brief, which was signed by Angela Sere-Ejembi, director of CBN financial markets department, suggests that the CBN will continue to quote the “weighted average” rate of the transactions from the previous day at the trading window.
Godwin Emefiele, the recently suspended governor of the CBN, announced the introduction of the I&E window to improve foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all forex transactions.
In 2021, the CBN also ditched its own official rate to adopt rates on the I&E window.