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Naira Loses Against Dollar At I&E Market


The naira has lost against the U.S. dollar.

The naira on Wednesday lost against the dollar at the Investors & Exporters window (I&E) of the foreign exchange market, according to data from the FMDQ Securities Exchange.

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 of the local currency came as turnover increased by 235 per cent with $89.5 million recorded compared to the $26.8 million posted on Tuesday.

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

On the parallel market, data from abokiFX.com showed that the naira to dollar exchange rate closed at N475, the same rate at which it changed hands on Tuesday and Monday.

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

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


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