Naira rebounds in official forex market, see new exchange rate

Naira has rebounded in the official forex market, see the new exchange rate below.

 

Newsonline Nigeria reports that the Naira appreciated at the close of work on Wednesday against the Dollar as it exchanged at N790/$1 at the official window.

 

This is according to FMDQ Wednesday’s forex trading report.

 

READ: Daily Black Market Dollar to Naira Exchange Rate Tracker, 19 October 2023

 

This Nigeria news platform understands that Wednesday’s rate of N790/$1 represented a N58 disparity from the N848/$1 traded on Tuesday.

 

However, Newsonline Nigeria reported that Naira had continued its free-fall at the parallel market, exchanging between N1060 and 1100 against a Dollar and as high as N1115 and 1120 as the p2p window.

 

This indicates that the disparity between the official and parallel market is widening drastically, worsening the forex crisis.

 

The development is amid a move by the Central Bank of Nigeria to stabilize the country’s forex market by lifting the restrictions on rice, cement and 41 other items.

 

Newsonline Nigeria recalls that since the floating of the Naira on June 14 at the forex market, the country’s currency had continued to depreciate.