The Nigerian Naira v Dollar, the fight goes on but the Dollar is winning so far

The Nigerian naira exhibited a 1.92% appreciation, closing at N759.86 per dollar, a notable improvement compared to the previous day's closing rate of N774.77 per dollar. This resulted in a significant gain of N14.91 against the dollar within a single day in the I&E window.

In the I&E FX window, data indicated that the day commenced with the naira valued at N781.66/$1. However, its value fluctuated throughout the day, reaching a peak of N799/$1 and a low point of N740 per dollar. Eventually, it regained its strength and concluded the day at N759.86 per dollar.

A considerable 36.17% drop in forex supply occurred in the I&E window on Wednesday, causing the supply to plummet from $95.79 million to $61.14 million during the intraday market session. This resulted in a loss of $34.65 million in forex turnover.

On August 17th, 2023, the naira demonstrated a 2.25% gain against the dollar, closing at N870/$1, in contrast to the previous day's rate of N890/$1.

In the black-market exchange, the naira's upward trajectory persisted from the substantial gains achieved on the preceding day. Dealers purchased the naira at N850 and sold it at N870.

Throughout the week, the naira exhibited notable improvements in the parallel market, driven by the Central Bank of Nigeria's announcement regarding the sanctioning of foreign exchange speculators at the week's onset.

Likewise, in the Peer-to-Peer (P2P) exchange market, the naira continued to enhance its position on August 17th, 2023. It experienced a 2.25% gain compared to the previous session's rate of N890/$1, trading at N870/$1.

The naira also made gains against the British pound on August 17th, rising by 2.95% from N1185/£1 on Wednesday to N1150/£1 on Thursday.

Regarding external reserves, the central bank's latest data indicated a slight decrease in Nigeria's external reserves, declining from $33.845 billion to $33.094 billion as of August 15th, 2023.