On Thursday, the Nigerian naira saw an increase in value, reaching N736.62 per US dollar within the investors and exporters (I&E) window, which serves as the official exchange rate platform in the country. This exchange rate movement reflects a notable 4.53% appreciation of the local currency compared to the N771.59 rate observed on the previous trading day,TheCable reports.
Data sourced from FMDQ Securities Exchange, the platform responsible for overseeing foreign exchange trading in Nigeria, indicated that the I&E window experienced a range of rates on Thursday, with a low of N700 and a high of N799.90 against the US dollar. According to FMDQ, trading commenced at N774.74 and concluded at N736.62, with the daily turnover in the FX market at the I&E window amounting to $66.43 million.
In its August newsletter titled ‘FMDQ Spotlight,’ the company reported that the total turnover for the period from January to July 2023 amounted to $235.16 billion, equivalent to N122.14 trillion.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, noted last Friday that the last time Nigeria experienced a stable foreign exchange rate was approximately a decade ago. He emphasized that this period was characterized by economic stability, growth, low inflation, stable exchange rates, and affordable interest rates, with economic growth reaching about 6% around 2013 to 2014.