On Wednesday, 14th June, 2023, the Central Bank of Nigeria (CBN) initiated the Investors’ & Exporters’ Foreign Exchange (The Unification of Nigeria’s FX windows) Window in a bid to improve liquidity and ease the prompt execution and settlement of eligible foreign exchange (FX) transactions. Before this policy was implemented, the Dollar traded between ₦460 and ₦470 as the official rate and traded between ₦765 and ₦770 as the black market rate. In comparison, the unified naira depreciated to ₦750 to a dollar officially during the intra-day trading last Wednesday.
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