Naira gains at I&E window, closes at N742.9/$1

Data from the official window shows that Naira recorded a significant gain against the United States dollar on the Investors and Exporters (I&E) yesterday.

The local currency extended its gains to two consecutive days on the spot market after crossing the N800.00/$1 mark for the first time at the authorised window last Friday.

Forex turnover within the segment skyrocketed by over 300 per cent amidst increasing demand for dollars.

According to data published on the FMDQ website on Tuesday, the domestic unit closed at N742.93 per $1 as against N795.28 to a dollar it exchanged in the previous session on Monday.

This signifies a N52.35 or 6.6 per cent appreciation from the N795.28 the local fiat recorded on Monday.

Tuesday’s data showed that the naira opened trading at N788.17, slumped to a low of N831.00, and touched a high of N707.99 within the business cycle before it settled at N742.93 per $1 at the close of the day’s business.

The authorised session recorded foreign exchange supply of $156.29 million, implying a 352.4 per cent increase from $34.55 million posted on Monday.

However, the currency plummeted further at the unauthorised market on Tuesday, information gathered from currency dealers in Abuja revealed.

At the parallel market segment, the dollar exchanged at N825.00 in Abuja on Tuesday as against N805.00 and above traded on Monday, dealers at the Abuja Zone 4 market.

At Uyo, South-South Nigeria, currency dealers said the dollar closed at N830/$1 on Tuesday as against N820.00 it was sold for on Monday.

We are selling at N835.00 per $1 and above. The rate increased by N10 on Tuesday due to the demand. We don’t know how the market will be on Wednesday but the rate has been increasing these past days,” another dealer said.

In recent months, the naira has seen a significant decline across the official and unofficial forex market segments amid plans by the government to unify the nation’s multiple exchange rates and scrap the petrol subsidy regime.