By Becky Usman
The Nigerian naira demonstrated signs of recovery as it closed at ₦664.04 per dollar at the investors and exporters (I&E) window on Wednesday.
Earlier in the day, the local currency was initially quoted between ₦750 and ₦755 per dollar before appreciating to settle at ₦664.04 against the greenback.
The I&E foreign exchange (FX) window serves as Nigeria’s official exchange rate trading platform. It provides a space for investors, exporters, and end-users to conduct FX trades at rates determined by prevailing market conditions.
According to data from FMDQ OTC Securities Exchange, the naira opened at ₦471.67 to the dollar, depreciated to ₦755 after the float, and then recovered to ₦664.04 at the close of business.
The closing rate indicates a day-on-day depreciation of 40.8 percent compared to the ₦471.67 traded at the I&E window on Tuesday.
This development follows the Central Bank of Nigeria’s (CBN) decision to officially float the naira and instruct commercial banks to freely sell forex at market-determined rates.
For the first time in years, the local currency is being allowed to trade at a rate determined by market forces.
However, as of 7:51 pm on Wednesday, TheCable’s investigation revealed that the CBN website did not reflect the FMDQ rates.
The I&E column on the CBN website still displayed ₦463.38 per $1, which was the official rate as of June 9.