Naira exchange rate dollar N394.13 on I&E window

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Naira strengthened against the U.S dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Monday, according to data from the FMDQ Security Exchange webpage where currencies are officially traded.

Nigeria’s naira closed at N394.00 at the Monday trading session, representing N0.13 or 0.03 per cent gain from N394.13, the rate at which it closed at the previous session.

The appreciation occurred as turnover rose by 18.29per cent, with $28.85 million recorded as against the $24.39 million posted on Friday last week.

Naira witnessed an intraday high of N390.00 and a low of N396.00 before closing at N394.00 on the spot market (I&E window)

However, data posted on abokiFX.com, the webpage that collates parallel market rates in Lagos showed the domestic currency (naira) closed at N480 to a dollar, the same rate at which it exchanged hands with the greenback currency in the previous session.

That leaves a spread of N86.00 between the unofficial market and the I&E window exchange rates, which translates to a gap of 21.82 per cent.

The CBN’s official rate on Monday was still N379 per dollar.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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