Naira weakens at I&E FX window

Naira stable at parallel market

The Naira depreciated marginally against the dollar at the Investors and Exporters foreign exchange window on Tuesday.

The local currency which open $/N363.00, traded high at $/N364.75 and eventually berthed at $/N363.30, representing a 0.10 per cent drop against Monday’s closing price.

Total turnover in the I&E window surged 167.82 per cent to USD598.44million, traded within the $/N358.00-364.75.

However, the Naira closed unchanged at $/N306.30 at the interbank market, underpinned on the $210 million the Central Bank injected in the country’s forex market.

Also, at the parallel market, the cash rates and transfer rates remained unchanged at $/N359.50 and $/N362.00 respectively.

GTI Securities’ analysts believed the FX Market to trade within existing range in on Wednesday.