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Naira weakens to N400/$ at parallel market

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Customs increases FX rate for collection of duties from N770/$ to N783/$

The cash and transfer rates of the naira depreciated by N4 and N5 to close at N400.00 and N415.00/$ respectively at the parallel market on Wednesday.

The Investors and Exporters (I&E) FX window opened at N381.29, traded high at N387.75 and eventually closed at N380.25, representing 0.07 per cent appreciation against yesterday’s closing position.

Investors exchanged a total of $56.20 million was transacted through the I&E window.

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At the interbank, the Naira/USD spot and SMIS rates remained unchanged D/D at N361.00/$ and N358.51/$ respectively.

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