Naira Stable on Parallel Market, Depreciates Marginally on I&E

Nume Ekeghe

The naira was stable on the parallel market as it closed at N910/$1 yesterday.

However, on the official Investors and Exporters’ (I&E) FX window, the naira exchange rate closed at N773/$1, compared to N770/$1 from the previous day.

The official I&E window’s daily volume turnover was $167.07 million compared to the daily volume of $64.93 million exchanged the previous day, indicating a 257 per cent increase in one day.

 Also, the highest spot rate of the day was pegged at N799.9/$1 while its lowest exchange was N738/$1.

President, Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, had alleged that the fintechs and some other unlicenced mobile money operators were contributing to the pressure in the FX market.

“The fintechs and unlicensed firms are contributing to pressure in the market. These fintechs are now operating across different jurisdictions and different legislatures. Imagine Binance has millions of Nigerians on its platform, how is Nigeria benefiting from that?” he added.