Naira gains slightly against dollar in I&E Forex Window

The Naira appreciated marginally by 0.03 per cent against the dollar to exchange $/ N363.78 on Wednesday, compared to $/ N363.88 the prior day.

A total of $392.90 million was traded in 401 deals at I&E FX window, with rates ranging between $/N358.00 – $/N365.00.

At the parallel market, the cash rate appreciated by 30k to $/N359.50, while the transfer rate remained unchanged at $/N362.00.

But the local currency was stable at the interbank market with dollar selling for $/N360.40 (spot) and $/N361.34 (SMIS).

The Naira has been under some pressure as foreign portfolio investors has been taking flight to safety due to the uncertainty surrounding the forthcoming 2019 general elections.

The country’s external reserves has currently dipped to $44 billion from almost $48 billion in June as the Central Bank of Nigeria (CBN) continues to defend the local currency.

The apex bank on Wednesday allayed fears over the declining reserves, saying it has enough external reserves to meet the country’s foreign exchange demand.