Foreign Reserves Buildup, I&E Window Strengthen Naira - LEADERSHIP
By KEHINDE SALLAH, Lagos
Improved liquidity of foreign exchange by the Central Bank of Nigeria (CBN) and the continuous build-up of the foreign reserve of the country helped the naira appreciate at the Investors’ and Exporters (I&E) window last week.
The value of the naira last week appreciated at the I&E window to N385.94 from N386 to the dollar which it closed at the previous week, as it depreciated at the Bureau de Change (BDC) and the parallel markets to N458 and N460 respectively.
Activities at the I&E window slowed down at the beginning of the week as the naira began on a weak note to trade at N386.33 from N386 which it closed at the previous week.
The window however, recorded an improved turnover of $186.44 million from $111.5 million traded the previous week with highest daily turnover being $85.61 million.
At the CBN end of the foreign exchange market, the naira has continued to maintained stability at N361 to the greenback while depreciated against the pounds sterling and the euro to trade at N439.58 from N438.86 and N393.67 from N390.67 which it was on Monday May 18.