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    Naira strengthens to N411/$ on I&E window

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    Naija247newshttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Naira gained marginally against the U.S. dollar on the Investors & Exporters (I&E) window of the foreign exchange market on Wednesday, data from the FMDQ Security Exchange where forex is officially traded showed.

    However, the currency remained unchanged on the parallel market.

    Naira closed at N411.13 at on the I&E window on Wednesday, a N0.87 or 0.21 per cent appreciation from N412.00, which it closed at on Tuesday.

    The currency experienced an intraday high of N390.00 and a low of N415.00, before settling at N411.13 on Wednesday. This happened with $36.92 million posted as turnover on Wednesday.

    Meanwhile, the domestic currency remained stable on the parallel market.

    Data posted on abokiFX.com, a website that collates parallel market rates, showed the currency closed at N484.00, the same rate it exchanged hands with the greenback currency on Tuesday.

    As a result of this, the spread between the unofficial market and the I&E window exchange rate is pegged at N72.87, which translates to a gap of 15.10 per cent.

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

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