New Telegraph

Naira falls to N411.63/$1 at I&E window

The naira fell to a new record low at the Investors and Exporters’ (I&E) window yesterday, closing at N411.63 per dollar compared with N409/$1, FMDQ data shows. In recent weeks, the naira has consistently closed weaker against the dollar at the I&E window, thus fuelling speculation that the Central Bank of Nigeria (CBN) could be planning further weakening of the local currency. On December 31, last year, the naira had closed at N410.25 at the I&E window, triggering speculation that the CBN had devalued the local currency. CBN Governor, Mr. Godwin Emefiele, said last year that the apex bank would pursue exchange rate unification around the I&E window rate.

In a recent report, analysts at FBNQuest forecast an average I&E/NAFEX rate of N419 per dollar at the end of this year. The analysts said that although they expected a combination of higher oil revenue, multilateral loans and Eurobond sales should underpin reserves this year and allow the Central Bank of Nigeria (CBN) to contain naira exchangerate depreciation, the forecast for average I&E/NAFEX rate is N419 per USD at end-2021.” Meanwhile, the local currency yesterday appreciated to N480 per dollar on the parallel market from N482/$1 on Monday.

Read Previous

Nigeria, OCP Group agree to boost fertiliser production

Read Next

Covid-19: IMF’s support to Nigeria, others hits $17.5bn

Leave a Reply

Your email address will not be published. Required fields are marked *