Business & Economy

Naira Strengthened At The I&E Forex Window

The naira maintains positive performance at the foreign exchange market on Thursday, as the local currency remained strengthened at the Investors and Exporters (I&E) window.

Brandnewsday reports that the naira appreciates to N385.75 to $1 dollar at the I&E forex window, after Thursday’s trading session. Naira gained N1.19 against the dollar, juxtaposed with the N386.94 to $1 at the foreign exchange market on Wednesday, June 10, 2020.

I&E window exchange rate to Central Bank of Nigeria

Meanwhile, the I&E window’s exchange rate varies from the Central Bank of Nigeria’s published exchange rate, which still maintains N360 to a dollar.

Advertisement

Similarly, the price also remains different from the exchange rate at the parallel market (black market), which was stable at N450 to a dollar, according to information on AbokiFX, on Thursday.

Available information from the daily trading at FMDQ shows that the naira improved against the dollar by N1.75, closing at N385.75 to a dollar, as against the indicative opening rate of N387.50 to a dollar that it started trading with on early Thursday.

Subsequently, the information from the FMDQ reveals that the turnover for the day (Thursday) witnessed a significant drop by about 80% at $12.45 million when compared with the $62.28 million which was recorded the previous day (Wednesday).

Advertisement

Naira Maintains Stand Against Dollar At The Parallel Market

In a similar development, the naira stabilized at the parallel market with an exchange rate of N450 to a dollar.

Interestingly, the naira’s resistance to the dollar was bone out of the reinforcement by the country’s foreign reserves, which have remained relatively stable at around $36.5 billion as on Thursday, 11, June 2020

Despite the gains recorded by the naira at the I&E window and the drop in demand for dollars, the $12.45 million turnovers on Thursday for over-the-counter spot market is a huge drop from the $300 million daily turnovers that was recorded last year.

Advertisement

READ: Naira Maintains Stand Against Dollar At The Parallel Market

Facebook Comments
Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

2 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.