Naira gains on I&E window, stable at parallel market

The Naira strengthened against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Tuesday, data from the FMDQ Security Exchange where forex is officially traded showed.

The currency remained stable at the parallel market.

Naira closed at N408.60 at the Monday trading session of the spot market (I&E), this represents a N1.40 or 0.34 per cent appreciation from N410.00, the rate at which it closed at the previous session on Monday.

The local unit touched an intraday high of N388.75 and a low of N429.75, before settling at N408.60 on Tuesday.

This happened as turnover skyrocketed by 134.63 per cent, with$123.37 million recorded as against the $52.58 million posted on Monday.

However, data from abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency remained unchanged from the rate it traded on Monday.

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According to the data posted, the naira exchanged with the greenback at N480.00, the same rate it traded in the previous session on Monday.

By this, the spread between the unofficial market and the I&E window exchange rates is pegged at N71.40, which translates to a gap of 14.88 per cent.

The CBN’s official rate on Tuesday was still N379 per dollar.