Nairametrics findings also reveal the black market exchange rate sold for between N765 – N770/$1 for inflow (which represents wired transfer of forex). Market participants witnessed a substantial turnover of $78.03 million during the day, indicating active participation from investors and exporters.The spot rate experienced a high of ₦799.00 and a low of ₦461.00, highlighting the market’s volatility.These figures indicate a notable increase in exchange rates throughout the trading day.According to data from today’s trade at the I&E window, the opening rate stood at N703.50/$1, while the closing rate reached ₦770.38/$1.This is also the first time the disparity between the official exchange rate and the black market rate are close to par since 2018. The foreign exchange market in Nigeria has also experienced significant volatility following the Central Bank of Nigeria’s (CBN) operational changes which was released a week earlier. The exchange rate at the official Investor and Exporter (I&E) window fell to N770.38/$1, the first working day after the apex bank lifted restrictions on forex withdrawals from domiciliary accounts.
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