Naira gains at I&E, strengthened over pound, Euro at parallel market

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The Naira, at the close of Monday trading activities gained over the US Dollar at the Investors and Exporters (I&E) FX window, and as well strengthened against the pound sterling and the Euro at the parallel segment of the foreign exchange market.

This was not the case at the official Spot market, closing at N305.90 per dollar against N305.85 exchange on Friday and N305.80 traded a week ago.

The Daily Times, checks showed that the I&E FX window, began trading at a depreciated rate of N360.03 against N359.98 recorded on Friday, before trading at N361.50 and eventually closed at an improved rate of N360.10 compared to N360.27 settled when the forex market closed for last week.

The special FX window, at the close of yesterday trading activities declared a total transactions turnover of $158.01 million, the same figure exchanged last Friday.

At the parallel market, the local currency remained stable against the dollar at N363 but appreciated over the pound to close at N505 compared to N508 recorded over the weekend; and N442 to the Euro against N446 sold during the same period.

Meanwhile, the BDC operators still buy dollar at N360, which was higher than what is obtainable at the parallel market.

Currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said since the harmonization of the invisible rate to N360/$1, commercial banks have introduced measures to win customers and enlarge their market shares.

He noted that players in the foreign exchange are leveraging on the CBN supply to gain market shares.

The Bankers’ Committee of the CBN last week, directed commercial banks to stop commission charges from end-users on sales of Personal Travel Allowance (PTA), Basic travel Allowance (BTA), among others, as foreign exchange rate now hamonised at N360 to the dollar.

Speaking to the journalists on behalf of the committe, Managing Director/CEO of FSDH Merchant Bank, Mrs. Hamda Ambah, explained that the uniform sales at the invisible market would serve as palliative measures for individual Nigerians to access foreign exchange without commission charges by banks for such foreign exchange sales.

According to her, “One of the things that we agreed at the meeting was something we measured that will be palliative for individual in the economy. It was agreed that for foreign exchange at banks sale with CBN authority to their clients- PTA, BTA, school fess and for medical bills.

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