On the I&E window during trade on Tuesday, July 11, 2023, the naira/dollar exchange rate dropped as low as N788/.42/$1.
According to The Times, from the previous day’s closing rate of N744/$1, this implies a depreciation of 5.96%.
Since the I&E window’s launch in 2017, this is also the lowest the naira has ever dropped versus the dollar. and lowest since June 14, 2023, after the new window came into operation.
The previous lowest point occurred just three days into the new window, on June 19, 2023, at N770.38 to $1.
For the past 14 trading days, the exchange rate has fluctuated at an average of almost N746 to $1.
This is a breakdown of the data:
I&E window: The exchange rate which started at N764.42/$1 and sold up to N803/$1. N730/$1 was the session’s lowest level.
The I&E window’s forex turnover dropped to $68.1 million from $97.69 million the day before, a 30.3% fall.
For the past 14 trading days, the exchange rate has fluctuated at an average of almost N746 to $1.
In contrast to June, when the CBN fixed the exchange rate, July’s rate was determined by market forces.
Contrary to June, when the CBN established the currency rate, the exchange rate in July was decided by market forces.
Due to this, there was a decreased overall turnover in the first seven trading days of July ($569.72 million) compared to the same time in June ($905.28).
N800 to $1 was the final exchange rate on the parallel market on Wednesday between the naira and the dollar. This represents a decrease of 1.27% from the Monday prior trading session.
On the crypto P2P exchange market, the value of the Naira fell against the US dollar by 0.74%, closing at N796.5/$1.
The Naira had also been trading on the same market at N790.67 to $1 during the previous trading session.
On July 11, 2023, the average exchange rate between the naira and the British pound was N1030 to £1. According to this, the N1025/£1 exchange rate from the previous trading session on July 7th, 2023, has decreased by 0.49%.
As of July 7, the country’s foreign exchange reserves were $34.06 billion, up slightly from the previous day’s $34.059 billion.
