On Friday, July 15, 2023, the exchange rate between the dollar and the naira decreased to N803/$1 in the investor and exporter window.
Since Nigeria established the managed float exchange rate regime, this is the lowest exchange rate it has ever reached, and it is also the first time the rate has closed above N800/$1.
The rate fell 7.3% from the week’s opening rate of N744/$1 to the closing rate of N803/$1 (a 7.3% decrease). The closing exchange rate of N776 to one dollar was the first indication of trouble.
Checks at the parallel market also show a similar plummetting of the exchange rate as it fell to N815/$1.
