Naira gains marginally, trades N741/$ at I&E window

The naira, on Monday, closed at N741.50 per dollar at the investors and exporters (I&E) window.

The foreign exchange (FX) rate movement represents a marginal appreciation of the naira from the last trading day at 769 to the greenback.

The FMDQ Securities Exchange, a platform that oversees FX trading in Nigeria, quoted an opening rate of N758.56 to the dollar.

Data from FMDQ showed that the official window recorded a low of N402 and a high of N769 to the dollar on Monday.

The I&E window is the country’s official exchange rate trading platform.

The daily FX market turnover remained unchanged at $263.45 from Friday’s value.

Meanwhile, at the parallel section of the market, the exchange rate also remained unchanged from Friday’s value at N775/$, a Bureaux De Change operator (BDCs) in the Ikeja area of Lagos, told TheCable.

The Central Bank of Nigeria (CBN) has constantly maintained that the parallel market (also known as black market) represents less than one percent of forex transactions and should never be used to determine the exchange rate.

The apex bank recently introduced a policy that unifies all segments of the FX market, signalling the floating of the naira.

“All [market] segments are now collapsed into the investors and exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks,” a circular signed by Angela Sere-Ejembi, director, CBN financial markets department, had said.

You can learn more about why there is still multiple exchange rate here.

(Cable)