Finance

Naira loses on I&E window

The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar.

Nigeria’s naira fell slightly against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Thursday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

However, the currency remained unchanged on the parallel market.

Naira closed at N410.00 at the trading session of the I&E window on Friday. This represents N0.33 or 0.08 per cent devaluation from N409.67, the rate at which it closed at the previous session on Thursday.

The depreciation occurred as the naira touched an intraday high of N394.00 and a low of N412.00, before closing at N410.00 on Friday.

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The slight devaluation seen by the domestic currency became evident as turnover decreased by 52.72 per cent, with $46.43 million recorded as against the $98.20 million posted on Thursday.

The local unit remained unchanged from the rate it traded at the unofficial market in the previous session on Thursday, according to data posted on abokiFX.com, a website that collates parallel market rates in Lagos.

According to the data posted, the currency closed at N485.00 on Friday, the same rate it exchanged hands with the greenback currency since March 12 last week.

This leaves the spread between the unofficial market and the I&E window exchange rate at N75.00, which translates to a gap of 15.46 per cent.

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

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