The exchange rate between the naira and dollar sold for an intra-day high of N815/$1 at the official Investor & Exporter Window on Wednesday, June 21, 2023.

This is the highest rate traded for the dollar on the official market since we started tracking records in 2018 when the window was launched.

The exchange rate however closed at N763.17/$ at the close of business on Wednesday depreciating from N756.61/$1 recorded a day earlier.

The disparity in exchange rates closes
Meanwhile, the disparity between the black market and the official exchange rate market closed again on Wednesday with the official rates closing at N763/$1.

This was close to the black market rate which sold for between N760-N770/$1 depending on who is buying or selling.
Nairametrics reported on Monday that the official and parallel market rates first achieved convergence on Monday, June 19th when they closed at N770.38.
By achieving exchange rate parity for the third consecutive day, analysts believe the official rate has crossed a critical first step in price discovery.
The three major phases to price discovery are the transition phase, speculation and adjustment phase and the intervention phase.

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Under the transition phase, when the newly managed float regime is being implemented market participants need time to understand and adapt to the new framework.

During this phase, there may be increased volatility and uncertainty as market forces start to influence the exchange rate.
This is what we are currently experiencing in Nigeria, thus the volatility.
In the speculation and adjustment phase, market participants, such as banks, forex traders, and institutional investors, analyze economic data, policy announcements, and other relevant factors to form expectations about the future exchange rate.

They may take positions in currencies based on these expectations, leading to fluctuations in the exchange rate.
As the market becomes familiar with the managed float regime, speculative activity, and adjustments may also occur.
In the intervention phase, the central bank may intervene in the foreign exchange market to influence the exchange rate.

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If the exchange rate deviates significantly from the desired level, the central bank may buy or sell its own currency to stabilize or steer the exchange rate toward the desired direction.
These interventions can impact market sentiment and influence price discovery.
Other Markets: In the peer-to-peer (p2p) market operated by Binance, the exchange rate traded for around N770/$1 late on Wednesday.

https://nairametrics.com/2023/06/21/exchange-rate-sells-for-as-high-as-n815-1-at-ie-window-on-wednesday-june-21-2023/

Abeg I have an international certification to write in August o.
Mr Tinubu, please do something

Una never see something

Renewed shege

Until una allow Igbo man to rule

This country will never get better

Keep your dollars guys and welcome on board, the plane is about bro soar high over 100000 feet up in the cloud

Tinubunomics-the economics of renewed shege and sapa reloaded.

Where are all those Tinubu boys that were praising the policy and saying Naira will appreciate? Una go hear am.

BREAKING NEWS THIS BOY WAS SOLD FOR 1.8M
https://www.youtube.com/watch?v=aW9dGxzI3_U

Tinubu is a disaster!

😂😂😂😂😂😂😂😂renewed shege

fergieboy:
Renewed shege

Until una allow Igbo man to rule

This country will never get better

Like Anambra?

Many people that commented before me didn't read the article and many that will comment after me will not read the article

Because of tribalism, a Mechanical Engineer is now the CBN governor

Only in Nigeria

Okoroawusa:
Many people that commented before me didn't read the article and many that will comment after me will not read the article

They are unfortunates waiting to see a doomed nation, their country.
The contents and understanding in the writeup is different from what they comments.

E be like say na to offload now. But I know it'll go over 1k soon.

Just a matter of time.

Voodoo economics no fit solve this matter.

Our trade balance has always been in the negative.

SOSinNigeria:
Tinubu is a disaster!

Be calming down

Agbado miscreants are still telling their gullible followers that world leaders are lining up to meet the mandate thief aka pissing machine

obi4eze:


Tinununomics-the economics of renewed shege and sapa reloaded.

Where are all those Tinubu boys that were praising the policy and saying Naira will appreciate? Una go hear am.

The exchange rate between the naira and dollar sold for an intra-day high of N815/$1 at the official Investor & Exporter Window on Wednesday, June 21, 2023.

This is the highest rate traded for the dollar on the official market since we started tracking records in 2018 when the window was launched.

The exchange rate however closed at N763.17/$ at the close of business on Wednesday depreciating from N756.61/$1 recorded a day earlier.

The Naira is flying o.. bring out Emefiele and beg him

Okoroawusa:
Many people that commented before me didn't read the article and many that will comment after me will not read the article

So you still continue with your 30k stipend. Have they increased your salary

Fuçk up. Emefiele was right to separate leisurely luxuries and goods that can be locally produced from important items and needs afterall.

Nigeria will gain on the long run I believe

fergieboy:
Renewed shege

Until una allow Igbo man to rule

This country will never get better

Rubbish 🗑️

CodeTemplar:
Fuçk up. Emefiele was right to separate leisurely luxuries and goods that can be locally produced from important items and needs afterall.

Stop dabbling into what you don't know

fergieboy:
Renewed shege

Until una allow Igbo man to rule

This country will never get better

It went down to as low as #630 a few days ago. It will continue to fluctuate that's the meaning of floating which is a good thing and will be better meaning, it will come down once Tinubu revitalizes all productive sectors for exports. Couple with the fact that Tinubu's government is working towards creating an enabling environment for foreign investors of which so far the likes of Bill Gate have shown interest. So far so good.updatechange

updatechange:
Nigeria will gain on the long run I believe

No pain no gain. Yes Nigeria will gain on the long run. Allow them in their mischief.

One again Salamrushdie has been vindicated, the Naira will get to 1300 within 12months of this willing buyer and seller nonsense is continued and yes Petrol will get over 1 thousand naira

fergieboy:
Renewed shege

Until una allow Igbo man to rule

This country will never get better

you guys are going nut. Igbo will never rule Nigeria. Go and write this down

gaby:

E be like say na to offload now. But I know it'll go over 1k soon.

Just a matter of time.

Voodoo economics no fit solve this matter.

Our trade balance has always been in the negative.

FROM CONSUMPTION TO PTODUCTION - Peter Obi was singing this like a song, during the campaigns with everybody's interest at heart, but many taunted him.

We desperately need to produce and balance our international trade in this country.

China was once in similar situation. Look where they are now. Today, China is very self-sufficient.

China hasn't had power outtage in decades, yet they're producing and selling solar panel to African countries like Nigeria that refuse to think for themselves

merit455:
So you still continue with your 30k stipend. Have they increased your salary

You mean the salary of the winning team? Winner takes all.

ticker:
you guys are going nut. Igbo will never rule Nigeria. Go and write this down

pls can you educate us on why Igbos will never rule Nigeria ?
are they not Nigeria citizens anymore ?
one Nigeria indeed.

updatechange:
Nigeria will gain on the long run I believe

How? Una go just dey yarn anyhow. How will the country gain exactly? You are placing faith on mathematical figures. When all you people do is consume and consume without producing. Apart from crude oil, what other mineral resources and cash crops does this country sell? Do you even know our comparative advantage economically? You talk about 'believing' without any economic index put in place. Shioor. Black man and spirituality.

Govt of propaganda