Nigeria’s currency hits a record high N791/$1

Following the most exciting week for the Nigerian naira in years, the currency finished the Investors and Exporters (I&E) market at N663 to the dollar. The exchange rate for the local currency was N702 to the dollar on Thursday, but it fell to N663 at the close of business on Friday, indicating a 5.58% increase from the previous trading session's finish of N702.19/$1.The naira is now officially floating after the Central Bank of Nigeria (CBN) issued a circular on Wednesday announcing that all exchange rates in the country will now be determined by a "willing buyer, willing seller" arrangement at the I&E window. Since then, the naira has reached a record high of N791 to the dollar, but it has since recovered to end the week at N663.04. To adopt the weighted average of transactions at the I&E window, the CBN also abandoned the previous official rate of N463 per dollar. The weighted average of transactions made in the I&E window on June 15, 2023, is currently given by the apex bank as N589/$ on its website. This is a rebound from the bank's stated price of N632.77 from only one day earlier.