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Naira moves up; exchanges for 793.70/$
The naira appreciated against the United States dollar on the Investor & Exporter forex window on Wednesday, July 19, closing at 793.70/$. According to figures obtained from the FMDQ, the trading, which commenced at 778.07/$ on Wednesday reached a high of 853/$ before closing at 793.70/$. The trading also recorded a turnover of $87.19m as of the end of trading.
Bureau de Change operators bought and sold the dollar at N820 and N825 at the parallel market.
The Central Bank of Nigeria, in recent weeks, directed Deposit Money Banks to remove the rate cap on the naira at the I&E window to allow for a free float of the national currency against the dollar and other global currencies.
