Naira weakens against dollar at investors’ window

Dollar and Naira bills [Photo credit: NairaFX]

The Naira on Monday weakened against the dollar at the investor’s (I&E) window, exchanging at N364.28, weaker than N363.68 traded on Friday.

Market turnover at the I &E window stood at 191.92 million dollars.

At the official CBN window, the Naira closed at N306.35 to the dollar.

It remained stable at the parallel market, exchanging at N359 to the dollar, while the Pound Sterling and the Euro closed at N477 and N420, respectively.

Trading at the Bureau De Change (BDC) window saw the Naira close at N360 to the dollar, while the Pound Sterling and the Euro closed at N477 and N420.

Meanwhile, the Economist Intelligence Unit (EIU), a member of the Economist Group, had forecast low economic growth cycle ahead of the 2019 elections.

It specifically said that investors and local business would remain perturbed by the authorities often intervention stance, especially in the foreign exchange market.

It noted that additional factors hitting investors’ confidence would be the general election in 2019 coupled with global economic slowdown in 2020.

(NAN)


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