Survey carried out on street traders across the country by Vanguard revealed it stayed on the range of N1,035 to N1,040.The street traders put the buying price of the dollar at N1,025 and the selling price at N1,045, leaving a N25 profit margin.At the official side of the market — the investors’ and exporters’ window — the local currency depreciated by 0.70 per cent to close at N776.80 to the dollar on Wednesday.
According to details on FMDQ OTC Securities Exchange, a platform that oversees official FX trading in Nigeria, a total of $60.30 million FX transactions were made at the I&E window.Data obtained from the Central Bank of Nigeria disclosed Nigeria’s foreign exchange reserves fell to $33.23 billion at the end of the third quarter of 2023.
The international reserves declined by $5.01 billion on a year-on-year basis relative to the $38.25 billion reported at the end of September 2022. On a quarter-on-quarter basis, the foreign reserves depreciated by $881.84 million, having closed the second quarter at $34.11 billion.The World Bank recently declared the naira and the kwanza of Angola as the “worst performing currencies” in Africa so far in 2023.Subscribe to our E-EDITIONS