The naira closed at N664.04 per dollar at the investors and exporters (I&E) window on Wednesday.

Earlier in the day, the local currency was initially quoted between N750 and N755 per dollar before appreciating to close at N664.04 to the greenback.

The I&E foreign exchange (FX) window is the country’s official exchange rate trading platform. It is a segment for investors, exporters, and end-users, which allows for FX trades to be made at exchange rates determined based on prevailing market realities.

According to data from FMDQ OTC Securities Exchange, the local currency opened at N471.67 to the dollar, depreciating to N755 after the float, then recovering to N664.04 at the close of business.

The closing rate represents a day-on-day depreciation of 40.8 percent from the N471.67 traded at the I&E window on Tuesday.

The development comes after the Central Bank of Nigeria (CBN) officially floated the naira and directed commercial banks to sell forex freely at market-determined rates.

For the first time in years, the local currency was allowed to trade at a rate determined by market forces.

However, checks by TheCable by 7:51 pm on Wednesday showed that the CBN website did not reflect the FMDQ rates.

The I&E column on the CBN website still showed N463.38 per $1, the official rate as of June 9.

Kenneth4u205:
Keep on deceiving yourself. I bought dollar's for 761 Naira few minutes ago . The 664 rate you talking about only exist in theory book. But the physical reality on ground is 761 per dollar's

KingKO22:
Pandora Obituary should go and withdraw his case against Asiwaju with immediate effect bcs the good news of Asiwaju achievement within short period of time is overwhelming even the international communities that Buhari has visited will start visiting our action Daddy soon




Action Daddy no be thank you Daddy

.😀🤣😂

KingKO22:
Pandora Obituary should go and withdraw his case against Asiwaju with immediate effect bcs the good news of Asiwaju achievement within short period of time is overwhelming even the international communities that Buhari has visited will start visiting our action Daddy soon

Action Daddy no be thank you Daddy

.😀🤣😂

joyandfaith:

Black market?

Kenneth4u205:
Keep on deceiving yourself. I bought dollar's for 761 Naira few minutes ago . The 664 rate you talking about only exist in theory book. But the physical reality on ground is 761 per dollar's

Ogene001:

Tinubu will bombard the media with endless propaganda to legitimize his fraudulent regime

BloomingDale:
So that newspaper was right afterall. Thunder fire Tinubu, fire CBN, fire Emefiele and fire that new Yoruba head.

Kenneth4u205:
Keep on deceiving yourself. I bought dollar's for 761 Naira few minutes ago . The 664 rate you talking about only exist in theory book. But the physical reality on ground is 761 per dollar's

Kenneth4u205:
The 664 rate you talking about only exist in theory book.

BloomingDale:
So that newspaper was right afterall. Thunder fire Tinubu, fire CBN, fire Emefiele and fire that new Yoruba head.

Kenneth4u205:
yes black market rate . The average Nigerian on the street doesn't have access to CBN rate .

BloomingDale:
So that newspaper was right afterall. Thunder fire Tinubu, fire CBN, fire Emefiele and fire that new Yoruba head.

forgiveness:
Magical Tinubu

grandstar:
Very good.

I had predicted the Naira's true value would be between 600-700.

Anyway, I feel the CBN must reduce the Form M red tape. The CBN should also resume sale of Dollars to the BDC. This would bring down the differential between the official and black market rate. It would be excellent if the differential can be reduced to a 2 or 3% band at most.

jcflex:
They wany to eradicate black market for us to have a unified exchange 💱 rate. You are here saying CBN should sell dollars to BDC.

Why do we have banks all arnd us. You want to create another round tripping.