Nigeria: naira slips at I&E window

Naira weakened to an intraday low of N815 on Wednesday

Naira weakened significantly against the United States dollar on the Investors and Exporters (I&E) window on Wednesday, data posted on the FMDQ securities exchange window where forex is officially traded showed.

The decline occurred as foreign exchange supply within the market segment plummeted substantially.

According to the FMDQ data published, the naira closed at N763.17 per $1 on Wednesday. This implies a N6.56 or 0.87 per cent fall from N756.61, the local unit traded in the previous session on Tuesday.

The naira commenced the day’s trading at N741.21 but slumped to an intraday low of N815.00– the lowest range ever recorded within the window-and a high of N476.00 before it finally settled at N763.17 per $1 on Wednesday.

The market session experienced a foreign exchange supply of $96.44 million. This signifies a 28.3 per cent decrease from the $134.47 million recorded Tuesday.

At the unauthorised market, currency dealers exchanged the dollar at N758.00 and N760.00 across states in Nigeria, including the Federal Capital Territory, on Wednesday.

The margin between the authorised and unauthorised markets is pegged at N3.17, representing 0.42per cent at the close of business on Wednesday.