Exchange rate closes at N763/$1 as official rates near price discovery

The exchange rate between the naira and dollar on the official Investor & Exporter Window closed at N763/$1 ahead of the Sallah Break.

According to data from the FMDQ Securities Exchange, the naira opened at N760.5 per dollar at the investor and exporter (I&E) window but weakened to close at N763/$1.

The intra-day high and lows recorded during the day were N841/$1 and N467/$1 respectively as investors continued their price discovery quest.

Recall that an intra-day high of N840/$1 was recorded on Monday, June 27th, 2023 but has now been overtaken by the N841/$1 intra-day high recorded on Tuesday.

Market turnover rose to $245.6 million on Tuesday, marking the highest volumes of trade recorded during the day.

While the intra-day highs remain a concern for some analysts, the exchange rate also appears to be itching closer to price discovery after closing at N763/$1 on Tuesday.

The exchange rate has closed between N756/$1 and N770/$1 in the last 6 trading days which indicates a 1.8 per cent depreciation band.