Business
Exchange rate devalues to N848 on I&E Window
The exchange rate between the naira and dollar devalued to N848/$1 on the official investor and exporter window on October 17th, 2023. It also traded at a record at an intra-day high of N981/$1.
This is according to data from the FMDQ website which publishes the daily exchange rate on the Nigerian forex exchange market where forex is sold officially.
This is the lowest the naira has ever traded officially. Before now, the lowest the naira had traded officially was N803.90/$1 recorded on the 14th of July 2023.
A review of the closing rate for October 17th reveals the official exchange rate closed at N848.12/$1 as against N778.80/$1 recorded a day earlier.
The exchange rate also sold for as high as N981/$1 on the official market signifying a major change in the pricing of the dollar at the official market.
Meanwhile, the lowest rate sold on the day was just N758.50/$1.
Total turnover during the day was just $134.28 million.
Meanwhile, at the black market, the exchange rate quoted for around N1,050/$1, while for inflow it was around N1,070/$1.
On the P2P market, the exchange rate quoted for as high as 1,060/$1
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
