Naira weakens at Investors’ forex window

As the number of coronavirus cases increases in Nigeria, the naira weakened 0.63 per cent against the dollar at the Investors and Exporters (I&E) foreign exchange window on Thursday.

At the I&E forex segment of the market, the local opened at N368.50, traded high at N381.50 and eventually closed at N370.35, representing 0.63 per cent depreciation against the previous day’s closing position

A total of $982.80 million was transacted through the I&E window.

At the Interbank, the Naira/USD spot and SMIS rates remained stable to close at N307.00/$ and N358.51/$ respectively. At the I&E FX window, the Naira further depreciated against the dollar by N2.33k to close at N370.35/$.

At the parallel market, cash and transfer rates were unchanged D/D to close at N375.00/$ and N400.00/$ respectively.