Official and Parallel Market Rates Converge as Naira Closes at N756 to a Dollar on Tuesday

The official and parallel market rates have converged days after the Central Bank of Nigeria released a new foreign exchange policy aimed at unifying the exchange rate windows.

The Naira closed at N756 to the dollar at the investors and exporters (I&E) window on Tuesday, June 20. The closing rate represents a 1.8 percent appreciation from the N770 recorded on Monday, June 19.

The Naira had traded at a record high of N791 before recovering to close at N663 hours after the CBN collapsed all FX windows into the I&E window last week.