New Telegraph

Naira strengthens further at I&E window

The naira gained further ground at the Investors and Exporters’ (I&E) window yesterday, closing at N406.50 per dollar compared with N411/$1 on Wednesday, according to FMDQ data. After dropping to N411.63 per dollar on Tuesday from N409/$1 at the I&E window, on the previous day, the local currency had gained 0.15 per cent against the greenback on Wednesday as it closed at N411/$1.

The naira’s appreciation at the I&E window in the last two days is in sharp contrast to its decline to N410 per dollar last week which prompted speculation that the Central Bank of Nigeria (CBN) was planning further weakening of the local currency.

On December 31 last year, the naira had closed at N410.25 at the I&E window, triggering speculation that the CBN had devalued the local currency. CBN Governor, Mr. Godwin Emefiele, said last year that the apex bank would pursue exchange rate unification around the I&E window rate. Meanwhile, the naira was stable at N480 per dollar on the parallel market yesterday, according to data from abokifx.com.

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