SAT, AUG 26 2023-theGBJournal | The value of the Naira to the dollar weakened by 526 bps to print at N778.42/$ this week at the Investors and Exporters FX Window, with total turnover (as of 24 August 2023) decreasing by 44.5% WTD to US$344.09 million, as trades were consummated within the N700.00 – N799.91/USD band.
At the parallel market the Naira traded between N905 and N915 with an average of N910 on Friday, according to some rates extracted from customers and traders.
In the Forwards market, naira rates depreciated across the 1-month (-0.9% to N790.80/USD), 3-month (-0.8% to N809.63/USD), 6-month (-0.8% to N838.09/USD), and 1-year (-0.8% to N897.57/USD) contracts.
Meanwhile, Nigeria’s FX reserve maintained its downward trend this week as it declined by US$66.24 million w/w to close at US$33.74 billion (24 August 2023).
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