Naira crashes further, hits N869/$ at I&E window

According to data from the Financial Markets Dealers Quotations (FMDQ), the exchange rate between the naira and the dollar reached an intra-day high of N869/$1 at the Investor & Exporter Window (I&E Window). This marks the highest price at which the dollar was traded on the official exchange rate market. The FMDQ also provides information on intra-day low and closing rates.

This intra-day high of N869/$1 surpasses the previous record of N855/$1, which was recorded on the 24th of July, making it the weakest rate at which the naira has been sold on the I&E window.

Despite reaching such a high, the exchange rate closed at N768.6/$1, representing a 3.85% weakening compared to the previous day’s closing rate of N740/$1.

The market continues to experience volatility, with the lowest trade being executed at N730/$1. Additionally, the daily turnover decreased to $88.66 million from the $153.28 million recorded the previous day.

The Central Bank, in its monetary policy communique, confirmed that supply remains a significant challenge in achieving exchange rate stability.

The official NAFEX rate stands at N778.84/$1, while on the parallel market, the exchange rate is being quoted unofficially as high as N872/$1, as reported by Nairametrics research.

In the peer-to-peer market, where cryptocurrency serves as an intermediary, the dollar was quoted as high as N868/$1 earlier in the day.

Regarding the British pound, it also experienced a decline, falling to N1,175 from N1,165 the previous day. At the beginning of the month, the British Pound was sold for just N997.