Naira Depreciates to N765/$1 at I&E Window

Nume Ekeghe

The naira yesterday depreciated at the Investors and Exporters’ (I&E) forex window to N765/$1, compared to the N763/$1 it closed the previous day, indicating a N2 depreciation for the nation’s currency.

However, on the I & E FX window, the highest spot rate observed during the day was N801/$1. Also the lowest spot rate recorded yesterday was N446/$1. Furthermore, the daily turnover on the I&E window reached $204.84 million, marking the highest turnover since the central bank’s efforts to unify the exchange rate began.

On the other hand, at some parallel market points surveyed in Lagos, the naira appreciated yesterday slightly, from the N765/$1 it closed on Wednesday, to N762/$1 yesterday, indicating a N3 gain for the naira.