Exchange bills
* Say disparity is suspicious
By Jon Egie
Foreign exchange traders at the official investor and exporter window have raised concerns about the persistent trade of forex at an intra-day low of approximately N460-N465/$1.
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The exchange rate between the naira and dollar closed at N763/$1 on Tuesday, June 27th, 2023, but experienced an intra-day low of N467/$1 and an intra-day high of N841/$1.
The significant disparity between the intra-day highs, intra-day lows, and the closing rate has left traders suspicious, with some suspecting foul play, according to sources from Nairametrics.
Investigations by Nairametrics have revealed that these trades are indeed real, as some individuals have bought forex at the intra-day lows and highs, further fueling suspicions.
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A currency trader, speaking anonymously to Nairametrics to avoid penalties, expressed concern that the trades do not align with market realities and should be subject to investigation.
They questioned, “How can someone buy or sell forex at rates as high as N840/$1?”
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The trader also suspected that the trades may have been orchestrated by forex dealers seeking to weaken the exchange rate.
Source: Nairametrics
