English>

MarketNews

Foreign Reserves Buildup, I&E Window Strengthen Naira - LEADERSHIP

MAY 25, 2020

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.

SEE HOW MUCH YOU GET IF YOU SELL

NGN
This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics