The exchange rate between the Nigeria Naira and the US Dollar appreciated at the Investors and Exporters (I&E) foreign exchange window to close at N663.04/$1 on Friday, 16th June 2023, representing a rise of 5.58% from the close of N702.19/$1 that was recorded in the last trading session.
Follwing the promise of President Bola Tinubu to unify the multiple exchange rate, the Central Bank of Nigeria directed Deposit Money Banks to remove the rate cap on the naira at the Investors and Exporters’ window to allow for a free float of the national currency against the dollar and other global currencies.
This is according to Nairametrics daily currency update, tracked and compiled from FMDQ Exchange.
The IEFX exchange market recorded an opening indicate rate of N712.5/$1 on Friday 16th June 2023, an 8.20% depreciation from N658.5/$1 that was recorded on Thursday 15th June 2023.
The highest rate at the IEFX exchange market during the intra-day trading closed at N791/$1 on Friday 16th June 2023, same rate that was recorded in the last trading session.
The lowest rate at the IEFX exchange market closed at N461/$1 on Friday 16th June 2023, same rate that was recorded in the last trading session.
Notably, the forex turnover increased significantly by 340.81% to $311.83 million at the official market on Friday 16th June 2023, from the $70.74 million that exchanged hands in the previous session. Meanwhile, the nation’s external reserves stood at $34.62 billion as of Thursday, 15th June 2023, from $34.66 billion recorded as of Wednesday, 14th June 2023.
