On Wednesday, the Naira lost value versus the dollar and traded for N463.02 at the window for investors and exporters. However, despite anticipation of a devaluation, the local currency traded steadily on the open market.
In comparison to Tuesday’s rate of N462.25 to the dollar, the rate reflects a loss of 0.17 percent. On Wednesday, the open indicative rate reached a high of N463 to the dollar.
Trading took place at a spot exchange rate of N467 throughout the day before it settled at N463.02. Instantaneously, the spot exchange rate is established.
During the course of the day’s trade, the Naira fell as low as N460 to the US dollar. The official Investors’ and Exporters’ window had a total turnover of US$ 178.68 million due to the increased demand for foreign currency.
While the foreign reserve fell another $0.01 billion to conclude at $35.26 billion on the parallel market, currency traders paid 746 for one US dollar.
Nigeria’s central bank has reported that in 2022, non-oil exports brought in roughly $6 billion. Although insufficient to reverse the naira’s destiny, the foreign exchange inflow supported the apex bank’s market intervention.
Even though oil prices continued to rise, there was still a decreased rate of addition to foreign reserves, in part because of lower hydrocarbon sales revenue inflows. On the international market, Brent and Bonny closed yesterday at $74.5 and $77.4 respectively. Naira drops by 0.17% due to rising FX demand