During the market session, there was a foreign exchange supply of $96.44 million, which represented a 28.3% decrease from the $134.47 million recorded on Tuesday.
By Johnson Atoukudu:
The data posted on the FMDQ securities exchange window, where forex is officially traded, revealed a significant weakening of the Naira against the United States dollar on the Investors and Exporters (I&E) window. This decline was a result of a substantial drop in foreign exchange supply within the market segment.
Based on the published FMDQ data, the closing rate for the Naira on Wednesday was N763.17 per $1. This indicates a decrease of N6.56 or 0.87% compared to the previous trading session on Tuesday, when the local unit traded at N756.61.
The Naira started the day’s trading at N741.21 but experienced a sharp decline, reaching an all-time low of N815.00 within the window, and a high of N476.00, before eventually settling at N763.17 per $1 by the end of Wednesday.
During the market session, there was a foreign exchange supply of $96.44 million, which represented a 28.3% decrease from the $134.47 million recorded on Tuesday.
In the unauthorised market, currency dealers were exchanging the dollar at rates ranging between N758.00 and N760.00 across various states in Nigeria, including the Federal Capital Territory, on Wednesday.
The margin between the authorised and unauthorised markets stood at N3.17, equivalent to 0.42%, at the close of business on Wednesday.
