Naira Sells for as High as N791 to Dollar at Official Market, as CBN Obeys President Tinubu's Instructions

• The Nigerian Naira plunged by 40.8% against the US Dollar in the Investors and Exporters (I&E) segment of the official market
• During Wednesday's trading, traders, exporters, and foreign investors were seen paying as much as N791 to purchase a dollar at the official market rate
• The fall of the naira follows the CBN's decision to float the currency as President Tinubu seeks to address the issue of multiple exchange rates

The naira experienced a significant decline on Wednesday, June 14, 2023, with the official exchange rate reaching as high as N791 to a dollar in the wake of the Central Bank of Nigeria's (CBN) decision to float the currency.

The move allows the value of the naira to be determined by market forces, primarily supply and demand.

This decision aligns with President Bola Tinubu's inauguration promise and order given to CBN on unifying the multiple exchange rates in the market.

Read also

CBN abolishes multiple exchange rates as Naira falls in official market to N775 to a dollar

How naira exchanged to the dollar

Data from FMDQ Securities Exchange revealed that the Naira closed Wednesday, June 14, trading session at N664.04/$1.

This represents a 40.8% depreciation compared to Tuesday's rate of N461.67/$1 on Tuesday, June 13, 2023.

Legit.ng check shows that during Wednesday's trading, Naira was exchanged for as high as N791 to a dollar, while the lowest rate recorded was N461 before the exchange rate settled at N664 to a dollar at the end of the day.

Naira to dollar exchange rate at the unofficial market

Meanwhile, at the parallel market, the Naira weakened against the US Dollar, with the exchange rate depreciating by N3 to settle at N753/$1, in contrast to the rate of N750/$1 recorded on Tuesday.

Read also

Emefiele's suspension: Investors rush as Nigeria's Dollar Bonds Jump 5-month high

However, in the Peer-2-Peer (P2P) window, the Naira remained stable against the Dollar on Wednesday, maintaining a rate of N768/$1.

The decision to float the Naira reflects the Nigerian government's efforts to reform its foreign exchange policies and encourage transparency in the market.

CBN gets news acting Governor, Folashodun Adebisi Shonubi

In another report, Legit.ng profiled the new acting CBN governor, Folashodun Adebisi Shonubi, and his career journey.

Shonubi was considered for the role by President Tinubu among four deputy governors: Aisha Ahmed, Edward Adamu, and Kingsley Obiora.

By law, one of the deputies must complete Emefiele’s tenure, which was expected to expire on May 2024.

Source: Legit.ng