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At 48.9%, dollars supply at I&E window hits nine-month high

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The volume of transactions (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market hit N4.2 billion in September.

According to data obtained by Ripples Nigeria from FMDQ Securities Exchange Limited on Friday, the figure was 48.9 percent higher than the N2.82 billion recorded in August.

The level of transactions carried out in September was the highest this year.

However, the boost in forex availability was insufficient to prevent the Naira from falling further behind the United States dollar.

Data showed that the Nigerian currency opened the month of September at N411.50/$1 but lost N3 to close at N414.73 on September 30.

READ ALSO: Confusion over CBN’s Naira/Dollar exchange rate

The Central Bank of Nigeria (CBN) had during its last Monetary Policy Committee (MPC) meeting stressed the importance of improving the foreign exchange supply in the economy to meet legitimate business and consumer demand.

In a communiqué issued at the end of the meeting, the apex bank expressed willingness to restrict the activities of illegal dealers in the foreign exchange market.

It read: “All foreign exchange transactions must be conducted at the I&E window to ensure transparency and stability thus the apex bank will intensify surveillance over foreign exchange sales and utilisation by commercial banks and customers, to ensure that operators adhere to stipulated guidelines set by the CBN.”

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