The exchange rate on the parallel market plunged to N805/$1 on Wednesday, July 12th, 2023 according to checks by this online medium.
The exchange rate at the crypto P2P exchange market was even worse as it traded at an average of N811.02/$1 on Wednesday 12th July 2023. It was N810/$1 as of Thursday morning.
Nigeria’s currency has been under pressure in recent days as the holiday season draws near piling pressure on demand for the greenback.
The exchange rate between the naira and the Euro traded at an average of N855/£1 on July 12, 2023. This indicates a 0.59% decrease from the N850/£1 recorded in the previous trading session on July 11th, 2023.
Meanwhile, on the official Investor and Exporter Window, the exchange rate between the naira and the US dollar at the official I&E window closed at N782.49 to US dollar on Wednesday, July 12th, 2023.
This represents a 0.75% increase from the previous day’s closing rate of N788.42/$1.
The nation’s external reserve increased marginally by 0.05% to $34.08 billion as of July 102023, compared to $34.06 billion recorded on the previous day.
BDC wants a seat on the table: Nairametrics reported earlier that BDC operators had requested increased participation and involvement in the foreign exchange market to ensure the success of the new exchange rate policy implemented by the Central Bank of Nigeria (CBN).
New IMTO rules: In another development, the central bank has issued a letter to all Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs), and the general public, announcing the inclusion of the Naira as a payout option for diaspora remittances.
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