Nigeria: Naira Extend Losses At I&E Window

16 June 2023
Premium Times (Abuja)
By Abdulkareem Mojeed

Naira weakened further on the official market to trade at N702.19 per $1 on Thursday.

Naira fell against the United States dollar on the Investors and Exporters on Thursday to trade at N702.19 per dollar, extending losses to two successive business days after the Central Bank of Nigeria (CBN) announced the unification of all segments of the Nigerian forex market.

According to data from the FMDQ securities exchange window where forex is traded, the naira which opened the day's sales at N658.50 touched an intraday high of N461.00 and a low of N791.00 before closing at N702.19 per $1 on Thursday.

The change represents a N38.15 or 5.75 per cent depreciation from M664.04 per dollar the local unit exchanged at the I & E window on Wednesday.

Forex supply within the official segment dropped by 63.4 per cent ($70.74 million) from $193.33 posted in the previous market segment on Wednesday.

Meanwhile, the naira was exchanged at N756.3 per dollar at the parallel market on Thursday.

Thu June, 11:05:01 AM 💵 1 USD >>>>> ₦756.287💷 1 GBP >>>>> ₦971.484💶 1 EUR >>>>> ₦831.215 v1.0.7-- ₦aira Rates (@naira_rates) June 15, 2023

The new development leaves the spread between the official and unofficial markets at 7.7 per cent on Thursday with a margin of N54.11.

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