June 20, 2023.Thank you for reading this post, don't forget to subscribe!
The Nigeria Naira weakened against the US Dollar at the Investors and Exporters (I&E) foreign exchange window to close at N778.38/$1 on Monday, 19th June 2023. This signifies a significant depreciation of 16.19% compared to the close of N663.04/$1 that was recorded in the last trading session on Friday.
The CBN officially unified all segments of the forex market on Wednesday 14th June 2023, allowing banks to freely trade the national currency against the dollar and other global currencies at any rate.
The IEFX exchange market recorded an opening indicate rate of N703.5/$1 on Monday 19th June 2023, an appreciation of 1.26% from N712.5/$1 that was recorded on Friday 16th June 2023.
The highest rate at the IEFX exchange market during the intra-day trading closed at N799/$1 on Monday 19th June 2023. This represents a 1.01% depreciation from the closing rate of N791/$1 that was recorded in the last trading session, with a forward rate of N712.14./$1.
However, the sum of $78.03 million was transacted at the official market on Monday 19th June 2023, which is 74.98% lower than the $311.83 million that exchanged hands in the previous session. Meanwhile, the nation’s external reserves stood at $34.59 billion as of Friday, 16th June 2023, from $34.62 billion recorded as of Thursday, 15th June 2023.(www.naija247news.com).