{"id":274538,"date":"2023-06-16T07:27:24","date_gmt":"2023-06-16T06:27:24","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=274538"},"modified":"2023-06-16T07:27:24","modified_gmt":"2023-06-16T06:27:24","slug":"cbn-removes-n463-from-website-quotes-ie-windows-n632-77","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/06\/16\/cbn-removes-n463-from-website-quotes-ie-windows-n632-77\/","title":{"rendered":"CBN removes N463\/$ from website, quotes I&amp;E window&#8217;s N632.77"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has removed the old naira-to-dollar rate from its website, quoting new rates from the investors and exporters (I&amp;E) window.<\/p>\n<p>As of June 15, 2023, the bank quoted N632.77 per dollar from the I&amp;E window, stating this as the rate \u201cas at Wednesday, June 14, 2023\u201d.<\/p>\n<p>According to the apex bank, the British pound is quoted to be equal to N799.75, from N581.52 the day before the float. Euro is quoted to have gone from N498.94 before the float to N683.48 \u201cas at June 14, 2023\u201d.<\/p>\n<p>On Wednesday, the <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/06\/15\/court-orders-cbn-to-pay-mra-n1m-for-denial-of-information\/\">CBN<\/a> issued a circular to the effect that all exchange rates in the country will now follow the \u201cwilling buyer, willing seller\u201d arrangement at the I&amp;E window.<\/p>\n<p>\u201cThe operational rate for all government-related transactions shall be the weighted average rate of the preceding day\u2019s executed transactions at the I&amp;E window, calculated to two (2) decimal places,\u201d the circular read.<\/p>\n<p>The policy brief, which was signed by Angela Sere-Ejembi, director of <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/06\/15\/breaking-tinubu-in-closed-door-meeting-with-former-cbn-gov-sanusi-lamido\/\">CBN<\/a> financial markets department, suggests that the CBN will continue to quote the \u201cweighted average\u201d rate of the transactions from the previous day at the trading window.<\/p>\n<p>Godwin Emefiele, the recently suspended governor of the CBN, announced the introduction of the I&amp;E window to improve\u00a0foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all forex transactions.<\/p>\n<p>In 2021, the CBN also ditched its\u00a0own official rate to adopt rates on the I&amp;E window.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has removed the old naira-to-dollar rate from its website, quoting new rates from the investors and exporters (I&amp;E) window. As of June 15, 2023, the bank quoted N632.77 per dollar from the I&amp;E window, stating this as the rate \u201cas at Wednesday, June 14, 2023\u201d. According to the apex 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