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Exchange Rate Today: Dollar Gains Marginal, Sells at ₦1170/$1

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CEM REPORT, MARKET | The Nigerian Naira has gained some strength against the dollar in the peer-to-peer market as of today November 2, 2023.

At the peer-to-peer market, CEM sources confirm that the dollar sells at ₦1170/$1 against ₦1175/$1 it sold yesterday.

This can be attributed to the strong close at ₦786.02/$1 yesterday at the NAFEM window from ₦815.32/$1 the previous day.

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Similarly at the CBN window dollar trades at an average of ₦816.02/$1 from ₦909.93/$1 yesterday. Aboki FX reports that the dollar sells at ₦1175/$1 as against ₦1170/$1 it sold yesterday.

Also, at the single window rate dollar closed at ₦815.516/$1 from ₦824.994/$1 yesterday.

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The unification of the exchange windows has yielded nothing yet except an increased rate with the window still existing. However, the Presidential Committee on Fiscal Policy and Tax Reforms led by Taiwo Oyedele has proposed the introduction of an excise tax on foreign exchange transactions that occur outside the official market.

It is believed that the tax will strife the multiple windows while the official window thrives.

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