NAIRA RECORDED A 0.12% DEPRECIATION ON TUESDAY TO CLOSE AT FOUR-HUNDRED-AND-TWENTY-NAIRA-SEVENTY-FIVE -KOBO TO A DOLLAR COMPARED TO FOUR-HUNDRED-AND-TWENTY-NAIRA-TWENTY-FIVE-KOBO TO A DOLLAR RECORDED IN THE PREVIOUS TRADING SESSION, REPRESENTING ITS LOWEST LEVEL SINCE 16TH OF MAY 2022.
THE FALL IN THE LOCAL CURRENCY IS DESPITE THE ONE-HUNDRED-AND-TWENTY-NINE-POINT-SEVENT PER CENT SURGE IN FOREX TURNOVER TO ONE-HUNDRED-AND-THIRTEEN-POINT-ONE-TWO MILLION DOLLARS AT THE I&E WINDOW.
MEANWHILE, THE EXCHANGE RATE REMAINED STABLE AT THE PARALLEL MARKET, CLOSING AT SIX-HUNDRED-AND-SIX- NAIRA TO A DOLLAR ON TUESDAY, THE SAME AS RECORDED IN THE PAST TWO TRADING SESSIONS. THIS IS ACCORDING TO INFORMATION FROM BDC OPERATORS IN NIGERIA.
THE EXCHANGE RATE AT THE P2P MARKET MODERATED FURTHER ON WEDNESDAY, STARTING THE DAY AS LOW AS SIX-HUNDRED-AND-ONE NAIRA TO A DOLLAR, COMPARED TO SIX-HUNDRED-AND-TWO-DOLLAR TO A DOLLAR RECORDED AS OF THE SAME TIME ON TUESDAY.
