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HomeBusinessCBN Depreciates Naira To N410.25 In I&E Window, Closes At N460 In...

CBN Depreciates Naira To N410.25 In I&E Window, Closes At N460 In Parallel Market

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By Babajide Okeowo

The Central Bank of Nigeria, CBN has depreciated the naira by N16.25 kobo depreciated in the Investors and Exporters (I&E) window.

This represents the third and biggest daily depreciation of the naira since 2017.

Similarly, last month, CBN depreciated the naira by N7.75 in the window, as the FMDQ platform, showed that the I&E window rose to N393/$ at the close of business from N385.5/$ November 24, 2020.

Data from FMDQ showed that the indicative exchange rate for the window rose to N410.25 per dollar from N394 per dollar on Wednesday, indicating N16.25 kobo depreciation of the naira.

However, the volume of dollars (turnover) traded in the window rose by 43 percent to $235.75 million from $164.81 million on Wednesday.

Similarly, the exchange rate between the naira and the US dollar closed at ₦460/US$1 in the parallel market.

Recall, the indicative exchange rate for the window jumped to N374 per dollar at the close of business from N368.33 per dollar on 11th of March 2020, translating to N5.67 depreciation for the naira.

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