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.