The Nigerian naira has closed at N663 to the dollar at the Investors and Exporters (I&E) window after what has been the currency’s most eventful week in years. 

The local currency closed on Thursday at N702 to the dollar but recovered on Friday to end trading at N663.

On Wednesday, the Central Bank of Nigeria (CBN) issued a circular to the effect that all exchange rates in the country will now follow the “willing buyer, willing seller” arrangement at the I&E window, effectively floating the naira.

Since then, the naira has traded at a record high of N791 per dollar but recovered to close the week at N663.04 to the greenback.

The CBN also ditched the previous official rate of N463 per dollar to adopt the weighted average of transactions at the I&E window.

Currently, the apex bank is quoting N589/$ on its website as the weighted average of transactions carried out at the I&E window on Thursday, June 15, 2023.

This is a recovery from N632.77 quoted by the bank — only 24 hours earlier.

The Cable