The Nigerian naira showed signs of improvement as it appreciated to N736.62 per US dollar at the Investors and Exporters (I&E) window, which serves as the official exchange rate window in the country. This represents a notable 4.53 percent appreciation from the previous rate of N771.59 on the last trading day.
Data reported by FMDQ Securities Exchange, the platform overseeing foreign exchange trading in Nigeria, indicated that the official window experienced a low of N700 and a high of N799.90 against the US dollar on Thursday. The trading day opened at N774.74 and closed at N736.62, with a daily FX market turnover of $66.43 million.
In their August newsletter, named 'FMDQ Spotlight,' the company revealed that the total turnover for the period spanning January to July 2023 amounted to $235.16 billion (equivalent to N122.14 trillion).
This development follows recent statements by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who highlighted that the last time Nigeria had a stable economy with growth, low inflation, stable exchange rates, and affordable interest rates was approximately a decade ago, around 2013 to 2014, when economic growth was around 6 percent.