• Thursday, March 28, 2024
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BusinessDay

FX turnover declines by 79.97% at I&E window

naira-and-dollar

Hope Moses-Ashike

The foreign exchange daily turnover at the Investors and Exporters (I&E) forex window declined by 79.97 percent to $31.40 million on Monday from $156.78 million on Friday.

The market is suffering from low demand for foreign exchange by importers who are not placing new orders.

The Central Bank of Nigeria (CBN), on May 10, 2020 assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.

Godwin Emefiele, governor of the CBN, said investors interested in repatriating their funds from the country were guaranteed to get their money

However, Naira gained N0.83k as the dollar was quoted at N385.50k on Monday from N386.33k quoted on Friday at the I&E window, data from FMDQ revealed.

The market opened on Monday morning with an indicative rate of N386.25k per dollar as against N387.25k opened with on Friday.

At the black market, Naira appreciated by N2 as the dollar closed at N438 compared to N440 traded in the morning.

Naira also gained at the retail Bureau by N10 as the dollar was at N441 on Monday from N451 traded on Friday.

The CBN on April 29, 2020 resumed dollar sales for school fees and Small and Medium Enterprises (SMEs). The Apex bank said on April 29, 2020 that it had made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.