Naira Appreciates At The I&E Window To N388.84

As the Central Bank of Nigeria intensified its efforts, as Naira appreciates to N388.84 to $1 at the currency spot market, Investors and Exporters (I&E) window.

The CBN’s intervention in the foreign exchange market as hauled the local currency strengthened by N0.56 against the dollar. Juxtaposing the naira exchange rate at N386.50 to a dollar that its traded on Thursday, May 21, there is a slight change.

Brandnewsday understands that the Central Bank of Nigeria has intervened in the Forex market to stabilize Naira.  Thus Naira to depreciate slightly over $1.52 billion as maturing agreements expires.

Conversely, the exchange rate at the I&E window is different from the CBN’s published exchange rate, which poses at N360/$1.

According to AbokiFX as of Friday, this is different from the exchange rate at the parallel market (black market), which still stands at N460/$1.

Naira Appreciates to N388.84 to $1

According to the information on FMDQ, naira improved against the dollar by N1.67. Also, the naira closing at N385.94 to a dollar, as against the indicative rate of N387.61 to a dollar that it opened with on Friday.

In a further review of the information from the FMDQ shows that the turnover for the day was up by about 30.6% at $29.38 million.

Meanwhile, the President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, disclosed that the CBN plans to resume the sales of dollars to the Bureau De Change (BDCs) operators.

In a similar vein, the Central Bank of Nigeria’s Governor, Godwin Emefiele had appealed businesses and individuals to stop visiting operators in the parallel market, as they are sabotaging the efforts of the foreign exchange market.

Emefiele lamented that the operators at the parallel market’s prices were unreliable. Added that businesses who are patronising them could lose money if they don’t stop.