Nume Ekeghe The exchange rate between the naira and the United States dollar on the Investors and Exporters’ (I&E) foreign exchange (forex) window recorded an unprecedented sale Friday, as it
The exchange rate between the naira and the United States dollar on the Investors and Exporters’ foreign exchange window recorded an unprecedented sale Friday, as it depreciated to N632/$ on that day due to demand pressure before it closed at N464.51/$1.
On the other hand, THISDAY’s finding showed that the parallel market last week also recorded demand pressure as the naira exchange rate fell from about N735/$1 last Monday, to N772/$1 as of yesterday. He said: “The I&E window has a high and closing rate and because it is a market, people can buy at a high price and people can buy at a low price and then at the end of the day they have a closing price.
At the Interbank Foreign Exchange Forward Contracts market, the spot exchange rate remained unchanged as it closed at N462 to the dollar. It anticipated that this week, “the naira will trade in a relatively calm band across various market segment barring any market distortion and as the apex bank continues its weekly foreign exchange market intervention to defend the value of the naira.”
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