The exchange rate between the naira and the dollar witnessed a substantial gain of 6.58%, closing at N742.93/$1 on Tuesday, July 18th, 2023. This surge marks the largest daily gain since the revised I&E window was introduced on July 14th, 2023, and represents the most significant daily increase since at least 2019.
Additionally, the FX turnover skyrocketed by a remarkable 352%, reaching a closing volume of 156.29 trillion, making it the highest volume of forex traded since June 30th, 2023.
Although the exchange rate closed stronger, it did experience an intra-day high of N831/$1, while the P2P black market rate declined to as low as N841/$1.
The notable gain in the exchange rate indicates that the weakening of the naira over the past 10 days might have triggered a supply in the I&E window.
