The naira, on Thursday, appreciated to N736.62 per dollar at
the investors and exporters (I&E) window.
The I&E window is the country’s official exchange rate
window.
The foreign exchange (FX) rate movement represents a 4.53
percent appreciation of the local currency from the N771.59 recorded on the
last trading day.
Data from FMDQ Securities Exchange, a platform that oversees
FX trading in Nigeria, showed that the official window recorded a low of N700
and a high of N799.90 to the dollar on Thursday.
FMDQ said trading opened at N774.74 and closed at the rate
of N736.62; adding that the daily FX market turnover at the I&E window
totalled $66.43 million.
In its August newsletter, named ‘FMDQ Spotlight’, the
company said the total turnover for January to July 2023, amounted to $235.16
billion (N122.14 trillion).
Last Friday, Wale Edun, minister of finance and coordinating
minister of the economy, said the last time the foreign exchange (FX) rate was
stable, was a decade ago.
“If we think back to
when was the last time the economy was stable, when it was growing, when
inflation was low, when the exchange rate was stable, and when interest rates
were affordable; that period was about a decade ago,” he said.
The minister added that “economic growth was about 6 percent
around 2013 to 2014”.
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