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Naira slides to N774.8/$ at I&E window, N897/$ at parallel market

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TOP STORY: Naira slides to N774.8/$ at I&E window, N897/$ at parallel market | TheCable

on Friday, according to data obtained from FMDQ Securities Exchange, a platform that oversees foreign exchange trading in Nigeria.

The I&E FX window is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances. It is the country’s official FX market.the exchange rate windows, the naira has consistently experienced fluctuations at the official window.

The traders put the buying price of the dollar at N890 and the selling price at N897, leaving a profit margin of N7.Advertisement With the depreciation, the gap between the official and parallel market exchange rates is widening once again.higher inflation and continued volatility in the FX market in August.

The firm warned that petrol subsidy removal and the adoption of a managed float exchange rate system is expected to mount additional pressure on inflation.

 

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Naira slides to N774.8/$ at I&E window, N897/$ at parallel market | TheCableThe naira, on Monday, closed at N774.78 per US dollar at the investors and exporters (I&E) window.
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