The Nigerian naira demonstrated a remarkable appreciation against the dollar, closing at N786.02/$1 at the official market on Wednesday, November 1.
This signifies a substantial 3.73% increase from the previous day’s rate of N815.32/$1.
Notably, the day saw a wide trading spread, with the intraday high hitting N1101.00/$1 and the low at N701.00/$1.
Data from the official Nigerian Autonomous Foreign Exchange Market window revealed a notable decrease in forex turnover, closing at $105.98 million, marking a 41.82% decrease from the previous day’s turnover.
Conversely, the unofficial black market witnessed a 0.85% appreciation, quoting an exchange rate of N1170/$1. Peer-to-peer traders offered rates around N1180/$1, showcasing a disparity from the official market rates.
Meanwhile, Nairametrics reports that the Federal Government is contemplating the imposition of excise tax penalties on foreign exchange transactions conducted outside the official market.
The decision is part of a series of recommendations from the Presidential Fiscal Policy and Tax Reform Committee established by President Bola Tinubu in July.
The committee, spearheaded by Taiwo Oyedele, introduced “quick win” recommendations to address pressing economic issues.
The proposed excise tax on foreign exchange transactions outside the official market aims to reduce multiple exchange rates within the country.
