Nigerian Naira sets a new record low, dropping over 7% to N803.9/$ in I&E window

 

On Friday, the Nigerian currency, the naira, concluded trading at a rate of N803.9 per dollar at the investors and exporters (I&E) foreign exchange window. This figure represents the highest intra-day rate ever recorded since the window's establishment in April 2017.

The I&E foreign exchange window serves as the official exchange rate window in Nigeria. It allows investors, exporters, and end-users to engage in foreign exchange trades at rates determined by prevailing market conditions.

Notably, this marks the first instance of the local currency closing above N800 per dollar at the official market since the government unified the exchange rate windows. According to FMDQ Securities Exchange Limited, the entity overseeing FX trading in Nigeria, the closing rate reflects a 7.72 percent depreciation compared to the N746.28 rate recorded the previous day.

Data from FMDQ reveals that the naira reached an intra-day high of N829 and a low of N689.34 before ultimately settling at N803.9. The trading day commenced with an opening rate of N763.36 to the dollar, as quoted by FMDQ.

During the trading session, the I&E window witnessed a total FX value of $46.9 million being traded.