Naira Declines at I&E FX Window, Firm at Black Market

By Dipo Olowookere

The Nigerian Naira closed on Friday on a negative note at the Investors’ & Exporters’ (I&E) foreign exchange market window.

At the close of business yesterday, the local currency finished at N360.57k to the Dollar against N360.23k per Dollar it was traded on Thursday.

The decline came as the apex bank released the sum of $195 million into the forex market this week to boost Dollar supply.

The I&E FX Window, created by the Central Bank of Nigeria (CBN) in April this year, is the market trading segment for Investors, Exporters and End users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances, thus ensuring efficient and effective price discovery in the Nigerian forex market.

But at the parallel market, the Naira remained the same rate it traded from the beginning of the week, N363 per Dollar.

However, it depreciated against the Pound Sterling and the Euro at the close of business on Friday at the black market.

Business Post reports that the local currency, which was sold for N474 per Pound on Thursday, closed yesterday at N475 to the Pound.

Similarly, the Naira lost N5 against the Euro, trading at N425 in contrast to N420 it went for the previous day.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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