Naira drops further to N410.13/$ at I&E FX window

Naira at the Investors & Exporters Foreign Exchange (I & E FX) the window further dropped to N410.13 against the dollar on Monday compared to N410 it closed on Friday and N409.67 traded on Thursday.

Closing figures obtained from the FMDQ Exchange on Monday showed that Naira at the I & EFX on Wednesday had recorded a loss of 0.21per cent and 0.18 per cent against the Dollar and Pound Sterling closed at N409.75 and N566.54 respectively, it inched up by 0.04per cent against the Euro printed N485.06.

The special FX window on the first trading day of the week recorded a total turnover of $46.43 million, the same figure it closed on Friday, however, lower than the $98.20million and $148.54 million that was traded by Investors and exporters on Thursday and Wednesday, respectively.

According to the FMDQ Exchange, the closing transactions turnover of $46.43 million recorded on Friday and yesterday (Monday) was higher than $32.33 million that was traded at the I&E FX market last week Tuesday.

At the Central Bank of Nigeria (CBN) official rate, the Naira traded flat at an unchanged rate of N379 against the dollar on Monday.

The Nigerian local currency at the parallel market, also dropped further to close at N486 to the dollar against N485 it traded on Friday, it depreciated slightly to N583 against the Euro, which was slightly higher than N582 it closed at the preceding session but was left unchanged against the Pound at N680.

According to analysts at Investment One research, “Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.”