Naira fell across forex markets on Wednesday against the dollar as it depreciated in both the parallel market and the I & E Window.
The exchange rate against the dollar closed at N535 per dollar at the parallel market on Wednesday, according to the data on AbokiFX which tracks the black-market rate.
Wednesday’s closing rate represent a N3 decline from Tuesday’s close of N532 per dollar, and a N5 depreciation compared to the closing rate of N530 per dollar last Friday.
Naira also fell by N2 against the Euro and British pounds to N622 per euro and N722 per pound, at the parallel market.
At the I & E Window where naira is exchanged officially, naira lost N0.87 to close at N411.50 per dollar on Wednesday, compared to closing rate of N410.67 per dollar on Tuesday.
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During the intra-day trading at the window, naira reached a high of N412.16 per dollar and a low of N400.00 per dollar on the spot, while forward contracts’ high and low rates were N420.41 and N415.00 per dollar respectively.
Nevertheless, the daily turnover at the window more than doubled, from $128.11 million on Tuesday to $295.39 million on Wednesday.
Compared to the exchange at the black market on July 27, the day the Central Bank said it has stopped selling foreign exchange to Bureaux De Change operators in the country, naira is weaker by N30, as it closed at N505 per dollar on July 27.
However, at the I & E Window, naira is stronger by N0.17 compared to the closing rate of N411.67 per dollar on July 27.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
