Naira gains against dollar at I&E window, now N386.94/$

The Naira strengthened against the U.S. dollar at the Investors and Exporters window on Monday, appreciating by 31 kobo over the rate at which it traded last Friday.

At the end of yesterday’s session, it exchanged at N386.94 for a dollar relative to the N387.25 recorded at the session before according to FMDQ.

The volume of trade fell enormously by 86% from $70.40 million to $9.98 million amidst severe dollar scarcity.

At the parallel market on Monday, the Naira depreciated to N445 against the dollar as embargo on international air travels put greater strain on the exchange rate.

Read also: Oil prices rise on hope of Saudi Arabia’s output cut, Nigerian crude gains 1.20%

“The extension of airport lockdown as well as sale of forex to the BDCs pending when air travels resume has impacted the naira negatively from N425/$ to $445/$ in the parallel market.

“However, the assurances of the CBN governor to foreign investors on ease of exit have helped to flatten the curve at N445/$ without any sign of further depreciation at the close of business today,” said Aminu Gwadabe, President Association of Bureaux De Change Operators of Nigeria.

He cited the closure of the BDC window as one of the causes of the liquidity crisis in the currency market.

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