Naira gains at I&E market; stable at parallel market

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Naira touched an intraday high of N390 against the greenback and oscillated to a low of N396 before settling for a close at N393.35.

On the parallel market, data from abokiFX.com shows that the naira to dollar exchange rate closed at N475, the same rate at which it changed hands on Monday.

That leaves a spread of N81.65 between the black market and I&E window rates, meaning a 17.2 per cent gap in exchange rate separates both markets, even though Godwin Emefiele, the has disdained the significance of the informal currency, saying it is “illegal.” “We do not agree that the determining factor for our currency should be based on a market that is tainted, where people go to offer bribes,” Mr Emefiele said at the November monetary policy committee meeting.and the World Bank group have enjoined the regulator to enhance greater flexibility in its preferred window by unifying Nigeria’s multiple exchange rates around that used by the I&E window.

 

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