• Monday, May 20, 2024
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BusinessDay

Foreign exchange turnover at I&E window decline by 63.17%

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The daily foreign exchange turnover at the Investors and Exporters (I&E) forex window declined by 63.17 per cent to $14.22 million on Thursday from $38.61million on Wednesday.

Data from FMDQ showed that Naira weakened by 0.1 per cent, as the exchange rate closed at N386.00k per dollar on Thursday as against N385.63/$ traded on the previous day.

The foreign exchange rate at the I&E is where the actual trade takes place by an authorised dealer and the seller of FX while the rates at Nigerian Autonomous Foreign Exchange Fixing (NAFEX) are indicative rates.

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The Naira/dollar exchange rate appreciated slightly by 50 kobos as the dollar traded at an average rate of N415.50k on Thursday as against N416 traded on the black market on Wednesday.

BusinessDay findings show that the dollar sold at N416 at Festac area of Lagos, which indicates a N1.00k loss to the value of Naira compared with N415 traded the previous day.

The dollar traded unchanged against the local currency at N415 and N361 at the black market and official window respectively.