Recently at the official Investors and Exporters (I&E) window, the naira/dollar exchange rate closed at N431/$1.On Tuesday, the naira ended the week on a negative note, dropping 0.9 percent to close at N431/$1 from N427.17/$1 at the beginning of the week, the lowest rate ever seen in the official market so far this year.
Similarly, the amount of foreign exchange traded fell by 35.37 percent to $58.03 million from $89.79 million in the previous trading session.The exchange rate at the peer-to-peer market also significantly declined due to the continued lack of foreign currency in the market, reaching a record low of N685.5/$1 in the early hours of Wednesday. This represents a 2.77 percent decrease from the N667/$1 recorded on Tuesday morning.
This rate is the highest ever noted.Many market analysts are suggesting another decline, however, Nigerians are optimistic that it will get better from here.
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