CBN-backed I&E Window Reduces Dollar Rate, Black Market Sellers Hike Price

The price of the United States Dollar was reduced by N33.43 kobo at the end of trading in the official market on Friday, as it closed at N743.07/$1.

Prime Business Africa gathered that the reduction in the dollar rate showed the naira appreciated by 4.3 per cent in value when the USD rate is compared to the N776.50/$1 rate both currencies closed on Thursday.

During trading, the highest and lowest rates the dollar was sold were N799/$1 and N475/$1, as the exchange rate continues to fluctuate in the official market.

At the various rates, foreign exchange traders transacted $121.08 million worth of forex in the investors’ and exporters’ (I&E) window backed by the Central Bank of Nigeria (CBN).

They raised their forex transactions from $44.43 million reported the day before, indicating an increase of $76.65 million or 172.51 per cent.

In the black market, the naira to dollar average exchange rate was put at N873.6/$1, up from N872.8/$1 reported during trading the previous day.

Also, foreign exchange traders in the black market saw the average exchange rate between the naira and the pound hit N1125.3/£1, in contrast to Thursday’s N1131.8/£1 rate.

Meanwhile, the euro was sold at an average rate of N969.4/€1, as the naira depreciated against the European currency by 0.33 per cent. The day before, both currencies were exchanged at an average rate of N972.7/€1.