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Nigerian Naira Sees Slight Depreciation, Closing at All-Time High of N803.9 per Dollar

July 15, 2023

 

 

 

 

 

 

The Nigerian naira has experienced a slight decline once again, reaching a closing rate of N803.9 per dollar at the investors and exporters (I&E) foreign exchange window on Friday.

This figure marks the highest intra-day rate ever recorded since the introduction of the window in April 2017. The I&E foreign exchange (FX) window serves as Nigeria’s official exchange rate window, facilitating FX trades for investors, exporters, and end-users based on prevailing market circumstances.

Significantly, this is the first time the local currency has closed above N800 per dollar at the official market since the government unified the exchange rate windows. According to FMDQ Securities Exchange Limited, the platform overseeing FX trading in Nigeria, the closing rate represents a 7.72 percent depreciation compared to Thursday’s rate of N746.28.

Data from FMDQ reveals that the naira reached an intra-day trading high of N829 and a low of N689.34 before ultimately settling at N803.9. The opening rate for Friday was quoted at N763.36 to the dollar.

During the trading period, a total FX value of $46.9 million was traded at the I&E window.

Source: Tori

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