Naira gains on I&E window


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

However, the currency remained unchanged on the parallel market.

Naira closed at N409.30 at the trading session of the I&E window on Monday, this represents a N0.95 or 0.23 per cent appreciation from N410.25, the rate at which it closed at the previous session on Friday last week.

Meanwhile, the domestic currency experienced an intraday high of N381.00 and a low of N415.00, before closing at N409.30 on Monday.

This happened as turnover decreased by 34.97 per cent, with $24.38 million recorded as against the $37.49 million posted on Friday

Also, on the unofficial market, data from abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency remained unchanged from the rate it traded last week Friday.

Data posted showed the currency closed at N482.00, the same rate it exchanged hands with the greenback currency last week Friday.

By this, the spread between the unofficial market and the I&E window exchange rate is pegged at N72.70, which translates to a gap of 15.08 per cent.

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

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