Naira exchange rate worsens at parallel market, exchanges at N820/$1

This compares to N820/$1 traded by BDC operated on the same day at the unofficial I&E Window.

The official exchange rate also improved from the N803.9 per dollar that it traded at on Friday.

The naira also reached a low of N699.50 per dollar, indicating high volatility in the foreign exchange market.

The exchange rate between the naira and the US dollar has closed at an average of N768.38 to a dollar for the first eleven trading days of the month, in contrast to the average rate of N524.21/$1 in the same period of the previous month

The turnover recorded at the I&E window decreased by 26.33% to $34.55 million, from the turnover of $46.90 million traded last week Friday.

The total turnover that exchanged hands in the last eleven trading days is $849.04 million, compared to the turnover value of $1.59 billion recorded in the same period in June 2023.

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The Naira-US dollar exchange rate at the unofficial parallel market on Monday depreciated to N820/$1, compared to the average rate of N815/$1 on Friday.

This represents a record high in the black-market exchange rate against the naira, as demand for dollars continues to pile pressure on the black market.

The crypto P2P exchange market recorded a slight decline in the value of the naira against the US dollar. The average exchange rate at the market was N818.65/$1, compared to N817/$1 in the previous trading session.

The naira weakened against the British Pound by 3.81% on July 17, 2023, closing at N1090/£1. This was a downturn from the N1050/£1 rate recorded on July 14th, 2023, the last trading day before the weekend.

External Reserves: According to the latest data from the Central Bank, the nation’s foreign exchange reserves declined slightly to $34.038 billion as of July 13, 2023, compared to $34.047 billion on the previous day.

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