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.
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.
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).
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.
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