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Naira gains against dollar at I&E window, stays flat in black market

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Naira inched higher against the United States dollar on Thursday at the over-the-counter spot market widely used by investors, closing at N388, 0.07% or 17 kobo higher than the rate at which it closed a session before, which was N388.36.

The rate of exchange for both currencies has been immobile for a couple of days as market turnover in the I&E window took a free fall below the pre-pandemic levels and the liquidity crunch across various segments of the foreign exchange market deteriorate further.

On Thursday, naira touched an intraday low at N390.99 against the greenback before finding resilience to end trade at N388. It had reached a high of N386 earlier in the session.

Volume of trade expanded to $12.61 million, signalling a 3.6% rise over the $12.17 million reported on Wednesday.

Meanwhile, naira did not budge against the dollar for the fourth day this week at the unofficial parallel market as drops of dollar flow from the spot market failed to trickle down.

It stood at N472 to a dollar, data from abokiFX.com, which collates rates from street traders, showed.

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