Markets
Naira declines steeply in I&E forex market
The Naira depreciated sharply against the US Dollar at the official Investors and Exporters (I&E) forex window on Thursday, losing 4.82% of its value to close at $/N435.
At the parallel segment of the market, the Dollar was sold for N535. according to data obtained from kiakia.com, a currency trading platform.
The local currency had recorded a marginal gain against the US dollar following the resumption of trading activities after the Christmas break. The exchange rate closed at N415/$1 on Wednesday, 29th December 2021, representing a 0.02% appreciation when compared to N415.1/$1 recorded in the previous trading session. This is despite the 29.1% drop in the volume of traded forex in the market on Wednesday.
In the same vein, naira gained at the parallel market, after closing at N569/$1 on Wednesday, which is a 0.52% appreciation compared to N572/$1 recorded on Friday of the previous week. This is according to information obtained from BDC operators interviewed by Nairametrics.
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