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Nigeria: Naira Strengthens On I&E Window

nigeria naira strengthens on ie window
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The gain at the NAFEX window was significant.

Naira gained significantly against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Thursday, data from the FMDQ Security Exchange where forex is officially traded showed.

However, the currency remained stable on the parallel market.

Naira closed at N406.50 at the trading session of the I&E window on Thursday. This represents a N4.5 or 1.10 per cent appreciation from N411.00, the rate at which it closed at the previous session on Wednesday.

This happened as naira experienced an intraday high of N389.25 and a low of N427.45, before closing at N406.50 on Thursday.

The appreciation of the domestic currency occured as turnover increased by 101.81 per cent, with $66.99 million recorded as against the $33.15 million posted on Wednesday.

However, at the unofficial market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency remained unchanged.

According to the data posted, the currency closed at N480.00, the same rate it exchanged hands with the greenback currency in the past three consecutive days.

By implication, the spread between the unofficial market and the I&E window exchange rate is pegged at N73.50, which translates to a gap of 18.08 per cent.

The CBN’s official rate on Thursday was still N379 per dollar.