Exchange rate sells at intra-day high of N869/$, worst on record

The exchange rate between the naira and dollar sold at an intra-day high of N869/$1 at the Investor & Exporter Window.

This is according to data from the FMDQ.

The intra-day high represents the highest price the dollar was traded for on the official exchange rate market. The FMDQ also quotes the intra-day low and closing rates.

The intra-day high of N869/$1 tops the N855/$1 recorded on the 24th of July making it the weakest the naira has sold for on the I&E window.

Despite selling for that high, the exchange rate closed at a rate of N768.6/$1 weakening by 3.85 per cent when compared to the N740/$1 it closed a day earlier.

Meanwhile, the lowest trade was consummated at N730/$1 as volatility continues to rock the market.

Daily turnover also fell to $88.66 million compared to $153.28 million recorded a day earlier.

The Central Bank had in its monetary policy communique, earlier in the week confirmed supply was a major challenge for achieving exchange rate stability.

The official NAFEX rate is quoted at N778.84/$1.

On the parallel market where the exchange rate is sold unofficially, operated quoted as high as N872/$1.

On the peer-2-peer market where the exchange rate is traded with cryptocurrency as the in-between, the dollar was quoted for as much as N868/$1 earlier in the day.