Naira Exchanges N702/$1 At Investors, Exporters Window

On Wednesday, a data from the FMDQ Group showed that the naira closed at N664/$.

But rate sheet posted on the CBN’s website showed N632.77/$1 for I&E window transactions, which could indicate lower limit transaction for the day.

The Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) also called I&E forex window, is a forex trading platform that allows dealers and investors to buy and sell dollars at a rate of their choice provided they can find buyers at such rates.

Two days ago, the CBN announced the collapse of all other rates – International Air Transport Association (IATA) rate, Interbank Exchange Rate and Bureaux De Change (BDC) rate into the I&E Window. The decision was in line with its rate harmonisation policy.

However, at the parallel market, the naira made a rebound to N750/$1 from N765/$1 it traded on Wednesday.

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“The dollar to naira parallel market exchange rate is between N750 and N760 with an average of N755, according to two sell rates coming from the users in the comments section,” one trader posted on the Ngn Rates.com.

A Lagos-based forex dealer, Abdullahi Kamala, said many forex buyers were being cautious about where the rates will swing, and therefore trading cautiously.

He said a few high net worth individuals have brought dollars for sale, which enhanced dollar liquidity in the market.

“As we see more people offload dollars in the parallel market, we expected the naira to continue to recover at the parallel markets,” he said.

The Chief Executive Officer (CEO) of Moniepoint, Tosin Eniolorunda, said the CBN’s decision to float the naira is a clear step in the right direction for our economy, ensuring investor confidence continues to grow.

“He said: The decision is good for business, jobs and growth. It will help Nigeria’s brilliant entrepreneurs to do business globally and attract foreign investment. It will also help reduce inflation, leaving more money in people’s pockets,” he said.

The CBN Deputy Governor in charge of Operations,  Folashodun Shonubi, has been acting as governor since Emefiele’s suspension last Friday.

Naira Exchanges N702/$1 At Investors, Exporters Window