Naira falls to N386.38k against dollar at I&E FX window 

The foreign exchange market closed on Thursday with Naira depreciating by N1.88k as the dollar was quoted at N386.38k compared to N384.50k it  closed with  on Wednesday at the Investors and Exporters (I&E) forex window.

The market opened on Thursday morning with an indicative rate of N385.35k, which showed Naira depreciating by N0.27k when compared with N385.08k traded on Wednesday at the Investors and Exporters (I&E) forex window, data from FMDQ has revealed.

The Central Bank of Nigeria (CBN) on March 2020 adjusted the exchange rate from N360 to N380/US$ at the I&E window, to stem the pressure in the foreign exchange market.

Nigeria’s currency on Thursday weakened by N1.00k as the dollar was trading at N440 compared to N439 traded on the previous day.

Traders attributed the high cost of dollar to increased demand as importers were buying dollars from the black market to settle their objections.

However, Naira remained stable at N442 per dollar at the retail Bureau. The Central Bank of Nigeria (CBN) on Wednesday last week resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).

The CBN has also 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 resumes.

The Apex bank on March 26, suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice due to the Covid-19 lockdown as requested by the operators. The suspension not- withstanding, some BDCs are still active in the market.