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Saturday, November 27, 2021

Nigeria’s naira rallies 1.66% to N415.07 vs dollar on I&E window

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By Oludare Mayowa

Nigeria’s naira bounced back on the official window on Friday, gaining 1.66 percent against the greenback after it declined to its record low at the Investors and Exporters’ (I&E) forex window the previous day.

The naira strengtheded to N415.07 to the dollar on the I&E forex market, compared with N422.01 per dollar it closed the previous day.

Most participants at the market maintained bids between N404.00 and N436.00 per dollar.

The local currency had declined 1.68 percent against the dollar on Thursday, its lowest level since the coming to being of the NAFEX window in April 2017.

At the street market, the local currency is bought and sold at N570 and N575 to the dollar on Friday.

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The local currency has fluctuated at both the official and parallel market, mostly swinging lower agains the greenback as the country continue to experience dollar shortage.

In July, the Central Bank of Nigeria (CBN) suspended dollar sales to the Bureau de Change segment of the forex market as the regulatory bank accused the forex retailers of responsible for the rapid depreciation of the local currency.

However, since the CBN took the measure and transfered retail dollar sales function to banks, the naira has continue to slide against the dollar on the parallel market and trading within the range of N410 to N422 to the dollar on the I&E window.

The CBN has continued to sustain the exchange rate of the naira at N410.91 to the dollar as the official rate on its website despite claims it had adopted the I&E window rate as the benchmark rate.

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