Naira sustains recovery at N746/$ in official market

  • 📰 TheNationNews
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 69%

Business News News

Business Business Latest News,Business Business Headlines

The naira on Thursday recorded a massive gain of N36 to close at N746/$ in the Investors and Exporters (I&E) window– official market.Thursday’s rebound showed two-day straight gain in the official market over improved liquidity and transaction activities. The local currency had closed at N782/$ on Wednesday and N788/$ on Tuesday. Data from FMDQ Exchange indicated gradual rise in market liquidity from over $63 million turnover on Tuesday to $90 million on Wednesday, contributed largely to Thursday’s rate recovery. Thursday’s turnover data was not ready by the time of filling this report. The naira had on Monday closed at N744/$ at the I&E window, made a N44/$ loss on Tuesday and a sudden rebound on Wednesday and Thursday. However, the parallel market was where the naira faced sustained pressure, with the local currency closing at N803/$ on Thursday. This created of N57/$ premium between the official and parallel market rates. The Central Bank of Nigeria (CBN) unified all exchange…

The naira on Thursday recorded a massive gain of N36 to close at N746/$ in the Investors and Exporters window– official market.

However, the parallel market was where the naira faced sustained pressure, with the local currency closing at N803/$ on Thursday. This created of N57/$ premium between the official and parallel market rates. The I&E window was activated in June 2017, and represents the broader forex market, where dollars sourced from autonomous sources are traded between Authorised Dealers, Clients and the CBN.

The unification of multiple exchange rates into the I&E window has been described by stakeholders as a game changer in the apex bank’s plan to achieve exchange rate stability.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSİNESS

Business Business Latest News, Business Business Headlines