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Naira gains at I&E FX window, drops at parallel, official markets

The Nigerian currency, naira, on Tuesday, extended its gaining streak at the Investors &Exporters FX window, but reverse was the case at the official and unofficial foreign exchange markets, as both dropped points, findings by The Daily Times has revealed.

The naira, at the close of yesterday trading activities, strengthened by 0.03 per cent to close at 362.38 to the dollar, against N362.50 traded on Monday; and N364.78 exchanged on Friday, but opened for trading at 363.25 compared to the previous day N365.68.

Although, the volume traded at I&E FX window declined to $117.36 million from an improved turnover of $142.88m sold on the first trading day of the week, data obtained from the FMDQ OTC has revealed.

The local currency at the parallel market, however, dropped further to close at 369 per dollar against 368 exchanged on Monday, losing a total three points from a depreciated rate of N366 sold in the corresponding week.

It however, appreciated by two points to record new rate against the pound at 475 compared to 477 sold on Monday, but remained unchanged at to the euro at e the unofficial segment of the forex market.

The naira, which had been shedding points slightly at the official forex market in the recent time continued on Tuesday to close at 305.65 against 305.60 declared on Monday and Friday.

At the official interbank market on Tuesday, the local currency exchanged at 366.05 per dollar the same rate it traded on Monday and 471.28 to the pound against 475.02 sold the preceding day, while steadied at 429.88 as against 431.71 exchanged on Tuesday.

Speaking to our correspondent over the closure of market activities, President, Association of Bureux de Change Operators in Nigeria (ABCON), Alhaji Aminu Gwadabe, said: “At bureux de change segment of the foreighn exchange market, we bought at N360 to the dollar and sold at 362 as the close of operation.”

Although, he had earlier disclosed that the newly introduced Nigerian Autonomous Foreign Exchange (NAFEX) rate fixing for foreign investors and exporters window will make naira sovereign and stronger in the market.

Gwadabe noted that the newly market derivatives will enhance a transparent, accountable and secured naira determination.

He added that the new policy would enable the Central Bank of Nigeria (CBN) to generate huge inflows running to billions of dollars to defend the local currency.

Motolani Oseni

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