Naira Exchanges at N385.50 to US Dollar on I&E Fx Window

• Naira Exchanges at N385.50 to US Dollar on I&E Fx Window

The Naira exchanged at N385.50 to a US dollar at the Investors & Importers Forex Window on Monday, according to the FMDQ Group data.

The local currency opened the week at N386.38 per US dollar before moderating slightly to N385.50 following reports that the Central Bank of Nigeria would resume sales of US dollar to the Bureau De Exchange operators across the country.

Accordingly, a total of $31.40 million was exchanged during the trading hours.

While on the parallel market, the Naira was exchanged at N440 to a US dollar on Monday, better than the N450 it traded a few weeks ago.

The local current however traded at N535 against the British Pound and N467 to a single Euro.

This was after speculators and hoarders pushed the local currency exchange rate to over N460 against the US dollar at the peak of the lockdown brought about by the COVID-19 pandemic.

However, with the central bank about to deepen dollar liquidity, the exchange rate is expected to moderate further with improved business activities, especially after President Buhari eased restrictions on movements and gatherings on Monday.

It should be recalled that Mr Godwin Emefiele, the Governor, CBN, had warned speculators hurting the Naira to desist or face the consequences soon.

He said “I know some of you are involved, stop now. By going to the parallel market, you are helping to overheat that market. Not only that, but you will also lose money because you would have bought it at a price that is not realistic. I can tell you that you are going to lose money. But we have seen your account already. We are appealing to you, please stop and let’s do what is right, what is legal, so that Nigeria can continue to be a good place for you and to live in.”