Nigeria: Naira Gains On I&E Window, Stable At Parallel Market

23 February 2021

The currency remained stable at the parallel market.

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

The currency remained stable at the parallel market.

Naira closed at N408.60 at the Monday trading session of the spot market (I&E), this represents a N1.40 or 0.34 per cent appreciation from N410.00, the rate at which it closed at the previous session on Monday.

The local unit touched an intraday high of N388.75 and a low of N429.75, before settling at N408.60 on Tuesday.

This happened as turnover skyrocketed by 134.63 per cent, with$123.37 million recorded as against the $52.58 million posted on Monday.

However, data from, a website that collates parallel market rates in Lagos showed the domestic currency remained unchanged from the rate it traded on Monday.

According to the data posted, the naira exchanged with the greenback at N480.00, the same rate it traded in the previous session on Monday.

By this, the spread between the unofficial market and the I&E window exchange rates is pegged at N71.40, which translates to a gap of 14.88 per cent.

The CBN's official rate on Tuesday was still N379 per dollar.

More From: Premium Times

Don't Miss

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.