Naira closed at N664 against the dollar at the official market Wednesday after the Central Bank of Nigeria made a first attempt to unify the country’s multiple rates.
The naira, which had long been pegged at N460 against the dollar at the official market, was today allowed to trade at a rate determined by the market for the first time in years.
Read also: Nigeria officially floats naira as I&E rate hits N755/$
The currency was initially quoted at between N750 and N755/$ before strengthening to close at N664/$, according to FMDQ data.
Nigeria officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy.
The development means buyers and sellers of foreign currency in the official FX market are now allowed to quote rates they find comfortable in the FX market, as against previous practice where rates were dictated by the Central Bank of Nigeria (CBN).
Details later..
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Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
