The value of naira fell against the US dollar on Wednesday at the Investors and Exporters’ Window where forex is traded officially.
According to the data available at the FMDQ website, the exchange rate closed at N415.10 per dollar at the window, as naira depreciated by N0.80 compared to the closing rate of N414.30 on Tuesday.
The closing rate of N415.1 per dollar represents a N1.36 decline from the Wednesday’s opening rate of N413.74 per dollar.
The intraday high rate for spot exchange at the window stood at N419.00 per dollar with a low of N405.00 per dollar. Whereas forwards contracts recorded a high rate of N446.40 per dollar with a low rate of N419.00 per dollar.
The depreciation of naira came amid 99.9% rise in the forex turnover at the window on Wednesday to $306.77 million from $153.39 million recorded on Tuesday, according to the data on FMDQ seen by Investogist.
At the parallel market, the exchange rate closed at N568 per dollar according to Nairametrics report which cited information from “BDC operators in Lagos.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.