The naira-dollar exchange rate hit an intra-day high of N869/$1 at the Investor & Exporter Window.
This is based on information from the FMDQ.
On the official exchange rate market, the dollar was exchanged for the highest price at the intraday high. The closing rate and intraday low are also provided by the FMDQ.
The naira has never traded for less in the I&E window than the intraday high of N869/$1, which surpasses the N855/$1 recorded on July 24.
I&E Window: Despite selling for that much, the exchange rate dropped by 3.85% from the previous day’s closing rate of N740/$1 to N768.6/$1.
The lowest trade, however, was completed at N730 to $1 as market instability persists.
Additionally, daily turnover decreased to $88.66 million from $153.28 million the day before.
The central bank had earlier in the week reaffirmed supply was a serious obstacle to maintaining exchange rate stability in its monetary policy announcement
The official NAFEX exchange rate is N778,84 to one dollar.
According to statistics after research, the quoted exchange rate in the parallel market, where the currency is sold at an unofficial rate, has reached N872/$1.
The dollar was quoted for as much as N868/$1 earlier in the day on the peer-to-peer market, where the exchange rate is transacted with cryptocurrencies serving as the middleman.
The British pound likewise decreased, from N1,165 the previous day to N1,175 today. At the beginning of the month, the British Pound was only worth N997.
