Emmanuel Ochayi
In a day of wild swings, the foreign exchange market saw the dollar rate in the investors’ and exporters’ window reach unprecedented heights, hitting a staggering N810.78 per $1 on Thursday. However, it wasn’t all uphill for the dollar, as it also plunged to a low of N590 per $1 during the same trading session.
Surprisingly, the official window aggregator, FMDQ Exchange, reported a closing rate of N775.31 per $1, defying expectations and leaving traders scratching their heads. This figure stands in stark contrast to the N755.08 per $1 rate observed just two days ago.
Join our WhatsApp ChannelWednesday saw a pause in the foreign exchange market’s activities, thanks to a public holiday celebrating Eid el-Maulud, creating pent-up anticipation for Thursday’s rollercoaster ride.
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By the end of the trading day in the investors’ and exporters’ window, a substantial $144.55 million in foreign exchange had changed hands, indicating that despite the tumultuous rates, trading remained active and robust.
Over in the parallel market, bureau de change operators were asking for an average rate of N1008 per dollar, a slight increase from the previous N1000.
AbokiFX, a black market aggregator, brought this information to light, noting that the pound also experienced a modest increase of N5, closing the trading day at N1270 per £1, compared to Tuesday’s N1265 per £1.
Meanwhile, in the ever-changing landscape of the foreign exchange market, street traders adjusted their asking price for the euro, pushing it to N1060 per €1, up from N1055 per €1.
Investors and traders are now left wondering where this rollercoaster ride will take them next, as the foreign exchange market continues to display extreme volatility.
