THE exchange rate between the naira and the dollar fell to N702/$1 at the end of yesterday 15th June 2023 at the official Investor and Exporter window.
This is according to data from the FMDQ where the exchange rate is sold officially by traders.
This is also the first full day of trading since the central bank issued new Operational Changes to the Foreign Exchange Market which essentially gave traders the freedom to trade at market-determined prices.
According to information seen by Nairametrics, the closing rate for the day was N702.19/$1 after opening trades at N658.5/$. The intra-day high was N791/$1 which means the exchange rate sold at that price during trading. The intra-day low was however N461/$1.
The total turnover during the day was just $70 million lower than the $193.3 million that was transacted the day earlier.
Naira depreciates by 5.4%
Nairametrics reported on Wednesday that the closing rate was N664/$1 meaning the exchange rate depreciated by 5.4%. This is still about N70 cheaper than the black market rate which sold for as high as N776/$1 for inflows.
Eighteen-Eleven Media