Naira Loses Against Dollar At I&E Market

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naira has lost against U.S. dollar.

naira Wednesday lost against dollar at Investors & Exporters window (I&E) the , according to data from the FMDQ Securities .

Naira closed at N394.17, N0.82 or 0.21 per cent weaker than the rate at which it was exchanged at the previous session, which was N393.35.

The depreciation in the value the local currency came as turnover increased by 235 per cent $89.5 million recorded compared to the $26.8 million posted .

Naira reached an intraday high N390 against the greenback and oscillated to a N415.76 before settling for a close at N394.17.

the parallel , data from showed that the naira to dollar rate closed at N475, the same rate at which it changed hands on and .

That leaves the spread of N80.83 between the black and the I&E window rates, meaning a 20.5 per cent margin in rate separates both markets.

The CBN’s rate on Wednesday was N379 per dollar.