#Naira Update: New Exchange Rate Displayed on CBN’s Website
- on Jun 16, 2023
|New CBN’s Naira-To-Dollar Exchange Rate|
The Central Bank of Nigeria (CBN) has displayed the updates of new Naira exchange rate on their website. According to the update on the site, old naira rate were N463 to the dollar, replacing it with the new rate of N632.77. This circular took effects from June 14, 2023, across the I&E window.
This move is to make Naira devaluation official. The new Naira-to-Dollar rate has been quoted the new rates from the Investors and Exporters (I&E) window which takes effect from Wednesday, June 14, 2023.
The CBN said the British pound was quoted at N799.75 from N581.52 the before the naira float. Euro is quoted to have moved from N498.94 before the devaluation to N683.48 as of June 14, 2023.
In a circular issued by the CBN on Wednesday, June 14, 2023, the bank said all exchange rates in Nigeria 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. – CBN’s Statement.
According to a report by TechCabal, Godwin Emefiele, suspended governor of the CBN introduced the I&E window to deepen liquidity, improve the foreign market exchange rate, and ensure prompt execution and settlement of all forex transactions. This circulation was dropped to adopt the rates on the I&E window in 2021.
In addition to CBN’s circulation of the Naira Exchange Rate on Wednesday, June 14, 2023, all forex transactions shall now be done through the Investors and Exporters (I&E) window, thereby abolishing the country’s parallel and other forex market, making change to the Foreign Exchange Market.