According to data from FMDQ, the naira experienced a depreciation
in the Investors and Exporters
(I&E) window, reaching N765.13 per dollar.
This marked a decline of N1.96 compared to the previous rate of N763.17 per
dollar on Wednesday.
In addition, the parallel market also witnessed a
depreciation in the naira’s value. Reports from black market traders revealed
that the exchange rate rose to N772 per dollar, showing an increase from the
previous rate of N758 per dollar on Wednesday.
However, there was a slight improvement in transaction volume
on Thursday, with turnover surpassing $90 million at the I&E window. This
represents a positive shift compared to the previous day’s performance.
Furthermore, the naira also experienced weakening against the
British Pound Sterling (GBP), closing at N980/GBP by the end of business on
Thursday.
The I&E window, established in June 2017, serves as a
vital segment of the broader forex market. It facilitates the trading of
dollars obtained from independent sources between Authorized Dealers, Clients,
and the Central Bank of Nigeria (CBN).
