Naira stables across foreign exchange markets — Daily Times Nigeria

Naira stables across foreign exchange markets

*I&E FX window records turnover of $89.50m

MOTOLANI OSENI

The Naira, at the close of midweek trading activities, stabled across foreign exchange segments to close at N394.17 to the dollar at the Investors and Exporters (I&E) foreign exchange window.

Data from FMDQ Securities Exchange shows that naira opened at the I&E forex window at N394.17, traded high at N415.76, and oscillated to a low of N390 before settling for a close at N394.17, the same rate it closed on Tuesday.

A total sum of $89.50 million was transacted through I&E window, higher than $26.8 million recorded the previous day.

READ ALSO: Naira loses against dollar at the parallel market

The Naira at the official window remained unchanged at N379 to the dollar since the beginning of the week on Monday.

Similarly, the dollar was sold for N475 the same rate it was exchanged on Tuesday at the parallel forex market.

Meanwhile, the Central Bank of Nigeria (CBN) has disdained the significance of the informal currency, saying it is “illegal.”

“We do not agree that the determining factor for our currency should be based on a market that is tainted, where people go to offer bribes,” Mr Emefiele said at the November monetary policy committee meeting.

However, the International Monetary Fund (IMF) and the World Bank Group have enjoined the regulator to enhance greater flexibility in its preferred window by unifying Nigeria’s multiple exchange rates around that used by the I&E window.

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