After ending Monday’s trading in the investor & exporter FX market at 770.38/$, the naira fell even further against the dollar. The trade rates had ended at N686.96/$ on Friday, according to data received from the FMDQ on Monday.
Trading started at N703.50 per dollar and reached a high of N799 before ending at N770.38 per dollar. At the end of Monday’s trading, the I&E currency window had a total turnover of $78.03 million.
To enable the naira’s free float versus the dollar and other major world currencies, the Central Bank of Nigeria last week ordered Deposit Money Banks to eliminate the rate cap on the naira at the I&E window. PTA, BTA, and other undetectable transactions would continue, according to the CBN.
