The exchange rate gap between the official and parallel market segments of the foreign exchange (FX) market has widened by over 100 percent as naira depreciated across markets on Tuesday.
Yesterday, Tuesday, the spread between the official and unofficial FX markets closed at N212 per dollar compared to N1.83 on June 22, 2023, after FX reform.
Dollar was quoted at N848.12 at the Investors’ and Exporters’ (I&E) forex window and at N1,060 at the parallel market, on Tuesday October 17, 2023.
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On Tuesday June 21, 2023 the naira/dollar exchange rate converged, closing at the rate of N756 at both markets after the unification of the FX windows in the same month by the Central Bank of Nigeria (CBN).
The closing of the exchange rate gap and the convergence followed the recent foreign exchange (FX) policy reforms carried out by the CBN.
During the FX auction on Tuesday, willing buyers and willing sellers offered the highest bid of N981/$1 and lower bid of N700/$1, data from the FMDQ indicated.
The daily foreign exchange market turnover increased by 211.62 percent to $134.28 million from $43.09 million recorded on Monday.