BREAKING: Trouble for Nigerians as Naira Hits N803.9/$

The Nigerian naira on Friday, July 14, closed at N803.9 per dollar at the Investors and Exporters (I&E) foreign exchange window.

Politics Nigeria reports that this figure is the highest intra-day rate ever recorded since the introduction of the window in April 2017.

The I&E foreign exchange (FX) window is Nigeria’s official exchange rate window and the market trading segment for investors, exporters, as well as end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.

It was gathered that this is the first time the local currency has closed above N800 per dollar at the official market since the government unified the exchange rate windows.

FMDQ Securities Exchange Limited, a platform that oversees FX trading in Nigeria, said that the closing rate stands for 7.72% depreciation from the initial N746.28 recorded on Thursday.

FMDQ’s data revealed that the naira hit an intra-day trading high of N829 and a low of N689.34 before it settled at N803.9. The platform is said to have quoted an opening rate of N763.36 to the dollar on Friday.

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