Connect with us


Top Stories

FOREX:Exchange Rate sells for as high as N844/$1 closes at N768.16/$1

Published

on

The exchange rate between the naira and the US dollar closed at N768.16 per dollar at the official Investor and Exporters window on Thursday, 20th July 2023. 

This represents a 3.22% appreciation against the US dollar compared to the previous day’s close of  N793.70/$1. 

Advertisement

However, the intra-day spot rate sold for as high as N844/$1 as price volatility continued to rock the exchange rate market.

Breakdown of data 

I&E FX window – The official exchange rate opened at N787.13/$1 but reached a high of N844/$1 during intraday trading and a low of N700 per dollar. 

Advertisement
READ ALSO:   Breaking! Tinubu Storms Ondo ...Holds Crucial Meeting With Afenifere,Fasoranti ....
  • The sum of forex turnover at the I&E window decreased by 33.23% to $ 58.22 million, from the turnover of $87.19 million that exchanged hands on Wednesday.
  • The NAFEX rate which is a guide reflecting the average quoted rates as of July 19th, 2023 was quoted at N791.68/$1.
  • According to the FMDQ, NAFEX is a polled rate based on the submissions of ten (10) contributing banks and calculated using an arithmetic mean.  

Parallel market – The naira weakened significantly against the US dollar at the parallel market on Thursday, closing at N860/$1. This was a 3.61% drop from the average rate of N830/$1 that prevailed on Wednesday. 

  • The black-market exchange rate of the naira against the dollar has reached a record low, reflecting the persistent shortage of dollar liquidity and the increasing demand for foreign currency.
  • The crypto P2P exchange market recorded a significant decline in the value of the naira against the US dollar.
  • The average exchange rate at the market was N872/$1, compared to N843.68/$1 in the previous trading session. This represents a 3.36% depreciation of the naira.
  • Trading on P2P platforms is volatile and could appreciate as fast as it depreciates.
  • The naira weakened against the British Pound by 0.90% on July 20, 2023, closing at N1120/£1. This was a downturn from the N1110/£1 rate recorded on July 19th, 2023, the last trading day before Thursday.  
READ ALSO:   NNPC Reacts As Lamido Says Tinubu Should Not Double As Petroleum Minister

External Reserves: The country’s foreign exchange reserves decreased slightly from the previous day to $33.995 billion to $33.98 billion as of July 19, 2023.

Advertisement







Also Read...