The exchange rate between the naira and the dollar fell to as low as N788/.42/$1 on the I&E window at trading Tuesday, July 11, 2023.
This represents a 5.96% depreciation from the previous day’s close of N744/$1.
This is also the lowest the naira has fallen against the dollar on the official I&E window since its inception in 2017. and lowest since the window was revised on June 14, 2023.
Before now, the lowest was N770.38/$1 on the 19th of June 2023 just three days after the new window came into operation.
The exchange rate has traded at an average of about N746/$1 for the last 14 trading days.
Breakdown of data
I&E window – The exchange rate opened at N764.42/$1 and sold to as high as N803/$1. The lowest level in the session was N730/$1.
- Forex turnover at the I&E window fell to $68.1 million, a 30.3% decrease from the previous day’s turnover of $97.69 million.
- The exchange rate has traded at an average of about N746/$1 for the last 14 trading days.
- The exchange rate in July was determined by market forces, unlike in June when it was set by CBN. This resulted in a lower total turnover of $569.72 million in the first 7 trading days of July, compared to $905.28 million in the same period in June.
Parallel market – The exchange rate between the naira and the dollar in the parallel market today closed at N800/$1. This is a 1.27% decline from the previous trading session on Monday.
- The Nigerian currency lost 0.74% of its value against the US dollar on the crypto P2P exchange market, closing at N796.5/$1.
- The previous trading session had seen the Naira exchange at N790.67/$1 on the same market.
- The exchange rate between the naira and the British Pound traded at an average of N1030/£1 on July 11, 2023. This indicates a 0.49% decrease from the N1025/£1 recorded in the previous trading session on July 7th, 2023.
External Reserves: As of July 7, the nation’s foreign exchange reserves increased marginally to $34.06 billion, compared to $34.059 billion on the previous day.
Not a good development to the citizens, hoping for the naira to gain more value against the dollar soon enough
You see why the Nigeria youth decided to go into crypto. Every day Naira keeps deorecuating against dollar and still yet things keep getting cost. Honestly, is time we embrace the future and safe ourselves from crisis. Besides exchanges like Bitget are doing the needful with the various events that harness their users to earn more in crypto