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

The Nigerian local currency, Naira on Thursday gained significantly against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market, however, remained stable at the unofficial market.

Data obtained from the FMDQ Security Exchange where forex is officially traded showed that the Naira closed at N409.00 at the trading session of the I&E window, representing an N2.13 or 0.52 per cent appreciation from N411.13, the rate at which it closed at the previous session on Wednesday.

According to the figures from FMDQ, the naira experienced an intraday high of N390.00 and a low of N415.00, before closing at N409.00 on Thursday.

The appreciation of the domestic currency occurred as turnover increased by 420.34 per cent, with $192.11 million recorded as against the $36.92 million posted on Wednesday.

However, at the unofficial market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency remained unchanged.

According to the data posted, the currency closed at N484.00, the same rate it exchanged hands with the greenback currency on Wednesday.

This leaves the spread between the unofficial market and the I&E window exchange rate at N75.00, which translates to a gap of 18.34 per cent.

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