Naira Loses 36 Kobo at I&E Window Amidst Drop in Daily Turnover

By Adedapo Adesanya

The Naira suffered a 0.10 percent depreciation on Wednesday against the Dollar at the Investors and Exporters (I&E) Window of the foreign exchange (forex) market, data from the FMDQ revealed.

This showed that the value of the local currency reduced yesterday by 36 Kobo against the American currency at the segment of the forex market created for investors and exporters in the country by the Central Bank of Nigeria (CBN) to transact their business.

According to Zedcrest Research, the decline in the value of the Naira against the Dollar at the midweek trading session was as a result of demand from offshore, which even pushed the rates as high at N362/$ at a point in time yesterday.

Business Post observed that during transactions at the I&E FX window on Wednesday, the daily market turnover however, moderated slightly by 18 percent to $279.7 million from the previous session’s $340 million.

A look at the other segments of the foreign exchange market in the country indicated that the local currency remained stable against the Dollar at both the parallel and interbank windows at the close of business.

The Naira, which opened at N306.95/$ at the interbank segment, finished at the same rate. Similarly, the local currency, which opened at N360/$ at the parallel market yesterday, saw no movement at the close of the trading day.

Also, the Naira remained flat against the British Pounds and Euro at the black market on Wednesday at N462 and N405, respectively.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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