Naira Falls At I&E Window Despite Massive Improvement In Dollar Supply

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The exchange rate between the naira and the US dollar closed at N428.16/$1: which at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira depreciated against the US dollar at the official market; with a 0.1% decline to close at N428.16/$1 despite a 172.95% surge in the amount of forex that trade in the market. Specifically, forex turnover improved to $222.84 million, the highest recorded since 2nd June 2022.

However, the exchange rate at the parallel market remained flat at N616/$1; the same as recorded in the previous trading session. This is according to information from Bureau De Change operators.

-Nairametrics

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