The data published on the FMDQ securities exchange window, where forex is officially traded, revealed a significant weakening of the Nigerian Naira against the United States dollar in Wednesday’s Investors and Exporters (I&E) window.
The decline was attributed to a substantial drop in foreign exchange supply within this market segment.
Based on the FMDQ data, the Naira closed at N763.17 per $1 on Wednesday, reflecting a 0.87% or N6.56 fall compared to the previous session’s rate of N756.61 on Tuesday.
Starting the trading day at N741.21, the Naira experienced a slump to an intraday low of N815.00, which marked the lowest recorded range within the window. It later reached a high of N476.00 before eventually settling at N763.17 per $1 on Wednesday.
The foreign exchange supply during the market session amounted to $96.44 million, indicating a 28.3% decrease compared to the $134.47 million recorded on Tuesday.
In the unauthorized market, currency dealers exchanged the dollar at rates ranging from N758.00 to N760.00 across various states in Nigeria, including the Federal Capital Territory, on Wednesday.
As of the close of business on Wednesday, the margin between the authorized and unauthorized markets stood at N3.17, representing a 0.42% difference.