Naira gained 6.58% against the dollar to close at N742.93/$1 on the I&E Window on Tuesday, July 18, 2023.
Gatekeepers News reports that the exchange rate represents the biggest daily gain ever seen since the revised I&E window was launched on July 14, 2023.
It is also the most daily gain since at least 2019.
Similarly, the FX turnover rose a whopping 352% to close at 156.29 trillion the largest volume of forex traded since June 30, 2023.
The exchange rate despite closing stronger still recorded an intra-day high of N831/$1 while the P2P black market rate fell to as low as N841/$1.
The weakening of the naira over the last 10 days may have triggered a supply in the I&E window.
Although there is no data to confirm this prognosis, the increase in forex turnover is a pointer to increased trading activities.
Nevertheless, demand pressure continues to exert on the black market amidst the dearth of supply.
At N742.93/$1 the disparity between the exchange rate at the I&E window and the black market rate is between N80 and N100, one of the highest we have also recorded.
