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

Nigeria’s currency, the Naira, appreciated marginally by 0.04 per cent, closing at N385.83 to the dollar at the Importers and Exporters (I&E) FX window on Wednesday.

But the Naira remained unchanged at the close of trading activities at the parallel market segment of the foreign exchange market at N460 per US Dollar, the same rate at which it closed on Tuesday, October 13th 2020.

The exchange rate between the naira and the British pound sterling stood at N590/₤1 on Wednesday, same as recorded on Tuesday, October 13th 2020.

Also, the naira and the European euro traded at N535/€1 at the close of trading on Wednesday, a similar rate it had also closed on Tuesday, October 13th 2020.

Meanwhile, the breakdown of the trading activities on I&E FX window, according to the data obtained from the official website of the FMDQ, showed that the Naira had opened at N386.04 to the dollar, before closing at an appreciable rate of N385. 83 per dollar as against N386.00 traded the previous day.The I&E FX window, however, recorded a total transactions turnover of $79.55 million yesterday, the same value traded on Tuesday, while the Naira remained stable at N379 to a dollar at the official window, the CBN spot rate.