The exchange rate between the naira and the dollar gained 6.58% to close at N742.93/$1 on Tuesday, July 18th, 2023.

As reported by Nairametrics, this represents the biggest daily gain we have seen since the revised I&E window was launched on July 14th, 2023. It is also the most daily gain since at least 2019.

FX turnover also rose a whopping 352% to close at 156.29 trillion the largest volume of forex traded since June 30th, 2023.

Despite closing stronger, the exchange rate still recorded an intra-day high of N831/$1 while the P2P black market rate fell to as low as N841/$1.

What this means: Nairametrics analysts indicate the weakening of the naira over the last 10 days may have triggered a supply in the I&E window