Home Uncategorized Naira falls terribly against dollar on I&E window market

Naira falls terribly against dollar on I&E window market

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Data posted on the FMDQ Security Exchange market where currencies officially traded which showed Naira weakened against the U.S. dollar on the Investors & Exporters (I&E) window of the foreign exchange market on Monday,

Going by statistical analysis, the local unit closed at N398.5 at the Monday trading session, representing N2.33 or 0.6 per cent devaluation from N396.17, the rate at which it closed at the previous session last week Friday.

Naira depreciated against the greenback currency as turnover contracted by 40.32 per cent, with $57.78million recorded as against the $96.82 million posted on Friday.

The domestic currency experienced an intraday high of N385.00 and a low of N402.00 before closing at N398.5 on the spot market (I&E window).

On the parallel market, data posted on abokiFX.com, the unofficial market in Lagos where naira is traded, showed the domestic currency (naira) still closed at N480 to a dollar. The same rate it traded since last week.

This leaves a spread of N81.50 between the unofficial market and the I&E window exchange rates, which translates to a gap of 20.45 per cent.

The Nigerian naira weakened on the spot market a few days after the CBN ordered Nigerian banks to close all cryptocurrency-related accounts with effect from Friday last week.

The regulator prohibited all financial institutions from facilitating cryptocurrency payments in the country.

The CBN’s official rate on Monday at the I&E window was still N379 per dollar.

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