Naira Falls to Lowest in History, Officially Exchanges Above N800 Per Dollar
- The naira sunk to its lowest on Friday, July 14, 2023, exchanging at N803 to a dollar
- The fall indicates that the naira depreciated at 7.78% from N774 par dollar it traded the day before
- At the official FMDQ exchange, the market turnover stood at $46.9 million on Friday, July 14, 2023
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
The exchange rate between Nigeria’s currency, the naira, and the dollar depreciated to N803 per dollar at the Investor and Export (I&E) window on Friday, July 14, 2023.
The fall is the lowest in history. The exchange rate has fallen since Nigeria began floating the naira and moved above the N800 per dollar threshold for the first time.
Source: Getty Images
The exchange rate officially crosses above the N800 threshold
The current depreciation represents a 7.3% decline from the beginning of the week when it closed at N744 per dollar.
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
Data from the FMDQ, where Nigeria officially trades the exchange rate, shows that the naira depreciated by 7.72% from N746.28.
Reports say the major highlights of trading on Friday, July 14, 2023, show the Forex turnover of $46.9 million, representing a 46.33% drop day-on-day. It indicates the lowest fall since May 2, 2023.
The intra-day trading saw the naira exchange at a high of N829 per dollar, higher than the parallel market rate, while the intra-day low stood at N689 to a dollar.
Checks show that at the parallel market, the naira fell to a low of N815 to a dollar, according to data on Abokifx, the parallel market exchange rate aggregator.
Meanwhile, Nigeria’s forex reserves closed at $34 billion as of July 11, 2023.
Naira breaks nine-month record, falls to N800 per dollar as CBN implements tough FX rules for banks
Legit.ng reported that the Nigerian currency on Tuesday, July 11, 2023, fell to N800 per dollar, the lowest in nine months, as demand for the dollar piled at the parallel market.
The depreciation represents a 0.62% loss in the value of Nigeria’s currency compared to N795, which was the value of one dollar quoted during the trading day on Tuesday, July 11, 2023.
BusinessDay reports that black market dealers revealed that the increased demand for the dollar is due to those buying the US greenback for summer holidays, importation, and other needs.
Source: Legit.ng
