The Nigerian currency, the naira, experienced a recovery in the parallel market, reaching a rate of 750 naira per US dollar.
This marks an improvement from the previous session’s rate of 763 naira. On Tuesday, the naira had strengthened by 7 naira against the US dollar, starting the day at 770 naira.
However, at the official market and the Investors & Exporter window, the naira’s performance was mostly negative, weakening by 0.03% and 0.04% respectively, closing at 461.60 naira/USD and 464.67 naira/USD.
President Bola Tinubu, in his inaugural speech, directed the Central Bank of Nigeria to work towards a unified exchange rate, a sentiment echoed by the World Bank in recent weeks.
The CBN operates a multiple exchange rates regime with different rates adopted by different segments of the economy. They include the Nigerian Autonomous Foreign Exchange Rate Fixing also called I&E forex window, parallel market rate, International Air Transport Association rate, Interbank Exchange Rate and Bureaux De Change rate are few examples.
The World Bank had also in the recent weeks called for the unification of the exchange rate.
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