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Naira weakens 0.12% to $/N411.00 at Investors’ forex window

Felix Oloyede

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Naira weakens 0.12% to $/N411.00 at Investors’ forex window

FELIX OLOYEDE

The Naira depreciated by 0.12% to trade N411.00 to a Dollar at Investors’ and Exporters’ (I&E) foreign exchange window on Wednesday as liquidity squeeze persists in Nigeria.

Investors exchanged a total of $11.85 million at the Investors’ and Exporters’ forex window.

At the Central Bank window, the local currency traded flat at $/N379, while at the parallel market the exchange rate was stable at $/N485.00.

However, the local currency strengthened against the Pound at the parallel market, trading at £/N670.00 instead of £/N674.00 exchanged on Tuesday.

The Euro was sold for N573, the same rate it exchanged the previous day.

The Central Bank had recently told commercial lenders to give Nigerians abroad N5 for every Dollar they bring into the country to boost diaspora remittances, which have declined significantly due to the impact of COVID-19.

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