Fakoyejo OlalekanJune 27, 2022: Trading at the Investors and Exporters (I&E) window saw an exchange of $152.96 million, falling by $10.02 million, as the naira depreciated on the official foreign exchange market on Monday.
According to data obtained from the FMDQ, which houses the Investors and Exporters window, the value of forex traded declined by 6.1% in contrast to the $162.98 million turnover posted last week Friday.
Amid the decline in the value of FX traded, the Nigerian currency fell in value on the Central Bank of Nigeria (CBN) backed forex market, with one dollar selling at N421, rising from N420.12/$1 it traded for last week Friday.
Naira also depreciated against the Euro, as sellers were only willing to sell the European currency at N439.49/€1. This is 0.43% higher than the selling price the foreign currency was sold for on Friday on the Investors and Exporters window, which is N437.60/€1.
But the Nigerian currency gained ground against the pound sterling, with traders exchanging naira for the United Kingdom legal tender at N509.82/£1, having sold £1 for N510.02 during the previous session.
Currently, there are no indications of the Central Bank of Nigeria intervening in the scarcity of the foreign currencies, which has been fuelling the value of dollar against the naira.
The Bureau De Change operators have asked that the financial regulator lift the embargo on its members currently preventing them from buying forex from the commercial banks.
Although the World Bank have advised the central bank against intervening in the scarcity of forex, and allow market reality take control of the pricing, as CBN’s involvement controls the multiple rate.
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