I&E Records $200m Turnover Monday as Panic Persists

**Naira Trades 360.50/$ at I&E FX Window

By Dipo Olowookere

Data obtained by Business Post from FMDQ showed that yesterday, the Investors’ & Exporters’ (I&E) segment of the foreign exchange (forex) market recorded a daily turnover of $200 million.

During the trading session, the local currency closed flat against the Dollar at N360.50 in contrast to N360.51 it quoted in the previous period.

Since the Central Bank of Nigeria (CBN) pressed the panic button last week through an ‘error’ on its website, foreign portfolio investors have been balling out.

The apex bank had said on its website that the value of the Naira was now market driven, meaning it has ‘devalued’ the local currency.

However, after the issue was reported in the media and fears triggered, the central bank removed the information from its website, saying it was still providing support for the Naira.

The bank later released the sum of $210 million to forex traders as it had always done every week.

However, at the interbank segment of the market, the Naira appreciated by 0.02 percent on Monday to close at N306.95/$ as against 307/$ last Friday.

A look at the SMIS window showed that the local currency remained unchanged at N356.92 to a Dollar.

At the parallel (black) market, the Naira was also stable at N361 per Dollar, but it was not a similar situation with other foreign currencies at the market category.

The local currency depreciated against the Pound Sterling yesterday to N463 from N462, while it exchanged at N404 per Euro compared with N403 per Euro in the previous trading 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. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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