Banking & FinanceBusiness

Naira falls on black market, gains on I&E window

Naira strengthened against the US dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Friday, data posted on the FMDQ Security Exchange webpage where currencies are officially traded showed.
Naira closed at N394.13 at the Friday trading session, representing N0.2 or 0.05 per cent gain from N394.33, the rate at which it closed at the previous session.
The appreciation happened as turnover rose by 35.09per cent, with $24.39 million recorded as against the $37.58 million posted on Thursday.
On the spot market (I&E window) naira witnessed an intraday high of N390.00 and a low of N415.95 before closing at N394.13.
However, data posted on, which collates parallel market rates in Lagos, showed the domestic currency (naira) closed at N480 to a dollar.
This implies that naira depreciated at the unofficial market by N2 or 0.42 per cent weaker than N478, the rate at which it exchanged hands with the greenback currency in the previous session.
That leaves a spread of N85.87 between the unofficial market and the I&E window exchange rates, which translates to a gap of 21.78 per cent.
The CBN’s official rate on Friday was still N379 per dollar.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button