• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Naira depreciates by 13.9% in one week at I&E Window

2 years ago
in Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
47
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Naira depreciates by 13.9% in one week at I&E Window

The naira plunged to a record low against the dollar last week as Nigeria’s new foreign exchange policy took effect.

The policy, announced by the Central Bank of Nigeria on June 15th, 2023, allows the market to determine the exchange rate of the naira, ending the multiple and distorted rates that had been in place for years.

The move was welcomed by local and foreign investors, who had long called for a unified and flexible exchange rate regime in Africa’s largest economy.

The policy is also expected to boost the supply of foreign exchange and ease the pressure on the naira, which had been suffering from low oil prices and dwindling foreign reserves.

However, the naira depreciated by 13.91% in the first full week of trading under the new system, closing at N770.17/$1 on Friday, June 23rd, 2023, compared to N663.04/$1 on Friday, June 16th, 2023.

The naira also weakened against other major currencies, such as the euro and the pound sterling.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Price discovery is still ongoing

The depreciation of the naira reflects the underlying demand and supply dynamics in the foreign exchange market, as well as the uncertainty and speculation that surrounded the policy change.

  • Some analysts believe that the naira will stabilize in the coming weeks as more liquidity enters the market and confidence improves.
  • The Central Bank of Nigeria has assured the public that it will intervene in the market when necessary to ensure stability and prevent excessive volatility.
  • It has also pledged to maintain transparency and accountability in its operations and provide timely and accurate data on the foreign exchange market.

A recent Nairametrics article indicates the apex bank injected $29.5 million in the investor and exporter window at an average rate of N765/$1 suggesting that was their preferred price point.

More update on forex policy

In the past week, the Nigerian forex market experienced notable developments and significant exchange rate fluctuations.

  • Central Bank of Nigeria introduces eNaira as a payment option for diaspora remittance, aiming to liberalize payout methods.
  • The CBN also issued operational changes to the forex market allowing unrestricted access to funds in domiciliary accounts.
  • During the week, Nairametrics also confirmed an Intra-day high exchange rate of N815/$1 reached at the official Investor & Exporter Window, the highest recorded since the window’s launch in 2018.

Back story

The new foreign exchange policy is part of a broader economic reform agenda of the Bola Ahmed Tinubu administration, which came into power on May 29, 2023.

  • The administration has vowed to revive Nigeria’s economy, which has been hit hard by the COVID-19 pandemic, insecurity, and corruption.
  • The administration has also promised to diversify Nigeria’s economy away from its dependence on oil, which accounts for about 90% of its foreign exchange earnings and 60% of its government revenue.
  • It has identified sectors such as agriculture, mining, manufacturing, and services as potential drivers of growth and job creation.

The success of Nigeria’s new foreign exchange policy will depend largely on how well it is implemented and sustained, as well as how it interacts with other macroeconomic policies and factors. The policy is a bold step towards a more market-driven and competitive economy, but it is not a panacea for Nigeria’s economic woes.

Tags: I&E WindownairaNaira depreciates by 13.9% in one week at I&E Window
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.