The naira depreciated against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N386.50 to a dollar, compared to the N386 to a dollar that was reported on Friday, July 3 representing a 50 kobo drop. This is as traders mulled over reports that the CBN had adjusted the exchange rate at the SMIS window. The opening indicative rate was N387 to a dollar on Monday. This represents a 14 kobo drop when compared to the N386.86 to a dollar rate that was recorded last week Friday.
At the black market, where forex is traded unofficially, the naira remained stable as it closed at N461 to a dollar on Monday which was the same rate that it exchanged last week Friday. Speculators appear to be uncertain about what next to do as they do not know what other moves the CBN has in the offing.
Nigeria continues to maintain multiple exchange rates comprising the CBN official rate, the BDC rates and the NAFEX (I&E window). Nairametrics reported last week that the government has set plans in motion to unify the multiple exchnage rates in line with requirements from the World bank. Nigeria is seeking a world bank loan of up to $3 billion.
Forex turnover at the Investor and Exporters (I&E) window recorded a decline on Monday July 6 2020 as it dropped by 90.3% day on day, a major decline from the figure it achieved on Friday at the foreign exchange market. This is according to data from the FMDQOTC, an exchange where forex is traded by foreign investors and exporters.