Finance

Naira depreciates to N765.13/$ in I&E window

Forex scarcity pushes exchange rate to N782/$

The naira yesterday depreciated N765.13 per  dollar in the Investors and Exporters (I&E) window.

Data from FMDQ showed that the indicative exchange rate for the window rose to N765.13 per dollar from N763.17 per dollar on Wednesday, indicating N1.96 depreciation for the naira.

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Similarly, the naira depreciated by N14 in the parallel market yesterday.

Vanguard findings from black market traders showed that the exchange rate for the market rose to N772 per dollar from N758 per dollar on Wednesday.

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Thursday’s transaction volume was an improvement from below $90 million turnover recorded at the window on Wednesday.

The naira also weakened against the British Pound Sterling (GBP) to N980/GBP at the close of business on Thursday.

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The I&E window was activated in June 2017, and represents the broader forex market, where dollars sourced from autonomous sources are traded between Authorised Dealers, Clients and the CBN.

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