Naira Appreciates To N742/$ At I&E Window

The Nigerian naira experienced a positive shift yesterday as it appreciated to N742/$ at the Investors and Exporters (I&E) window. This closing rate signifies a significant recovery from Tuesday’s rate of N768/$. According to a report from FMDQ Exchange, the naira began the day at N764/$ and maintained a relatively stable trading range before rebounding. The total transaction turnover reached $89 million.

Market reports indicate that the naira was exchanged at N775/$ in the parallel market, creating a gap of N33/$ between the official and parallel market rates. Analysts noted that the lower closing rate at the I&E window on Monday attracted forex buyers seeking more affordable rates in that particular segment of the market.

The Central Bank of Nigeria (CBN) recently unified the exchange rates within the I&E window and allowed market forces to determine the naira’s exchange rate. Dr. Ayo Teribe, the Managing Director of Economic Associates, commented that the Bureau De Change (BDC)/parallel market rate accurately reflects the current market conditions and remains stable.

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