The exchange rate between the dollar and naira fell to N803/$1 at the investor & exporter window on Friday, July 15, 2023.
This is the lowest ever the exchange rate has fallen to since Nigeria adopted the managed float exchange rate system and the first time the rate has closed above N800/$1.
The closing rate of N803/$1 represents a 7.3% decline from the start of the week when it closed at N744/$1. The first signal of a challenge was when the exchange rate closed at N776/$1.
I&E Window falling: Data from the FMDQ where the exchange rate trades unofficially reveal the exchange rate depreciated by 7.72% falling from the N746.28 closing rates of Thursday, July 13, 2023.
Forex turnover at the I&E window was just $46.9 million representing a 46.33% decline day on day. This is also the lowest point since May 2nd, 2023.
The market also registered a record intra-day high of N829/$1 even higher than the parallel market rate. The intra-day low was, however, N689/$1.
The intra-day high is also the lowest ever we have seen for the exchange rate since the revised I&E window was launched.
Parallel market: Checks at the parallel market also show a similar plummetting of the exchange rate as it fell to N815/$1 per Nairametrics research.
