Naira depreciates at I&E FX window, parallel market

Nume Ekeghe

The naira depreciated yesterday on the Investors and Exporters’ (I&E) FX window to N763/$1, lower than the N756/$1 it closed on Tuesday. This indicated a N7 depreciation for the naira.

 Also on the parallel market, the naira also depreciated to N765/$1 which was a N10 depreciation compared with the rate it closed on Tuesday.

However, at the I & E FX Window, the highest spot rate recorded during the day was N815/$1, which was a low, since the inception of the managed float while the lowest recorded exchange rate for yesterday was N4765/$1. In addition, on the I&E window, the daily turnover reached a total of $96 million.