New Telegraph

Naira weakens against dollar at I&E forex window

The naira depreciated against the dollar yesterday at the Investors & Exporters’ (I&E) window of the foreign exchange market, closing at N411 per dollar compared with N409/$1 on Monday, according to data obtained from the FMDQ Security Exchange. The local currency, however, remained stable at N482 per dollar on the parallel market, according to data from abokiFX.com, a website that collates parallel market rates in Lagos. New Telegraph had reported on Monday that analysts at leading forex broker, AZA, said they expect naira to remain stable against dollar on the parallel market this week due to forex inflows, occasioned by the Central Bank of Nigeria’s (CBN) “Naira 4 dollar” scheme. The analysts said in a report at the weekend that “naira strengthened on the parallel market, trading in the 478/485 to the dollar range vs. 482/486 at the end of last week, while depreciating on the official NAFEX window, from N408.67 to 411 amid accumulated demand for dollars carried over from the long Easter break.

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