Naira Gains Slightly on I&E Forex Window on Monday

Naira Gains Marginally on I&E Fx Window on Monday

Naira gained marginally against the US dollar on the Investors and Exporters Forex Window on Monday as daily turnover rose to $63.44 million.

According to the FMDQ Group data, the naira opened the day at N386 against the US dollar on Monday and slipped to N389.75 during the trading hours before moderating to N386.

Activity level expanded to $63.44 million on Monday as currency traders kick-started the week with more activity.

However, the local currency remained flat on the black market at N455 to a US dollar while against the British pound, the naira exchanged at N555.

Against the Euro single currency, the Nigerian Naira depreciated to N498 per unit on Monday, down from N490 it traded on Friday.

This was after the Association of Bureau De Change Operators (ABCON) said speculators were behind the wide difference between the central bank’s stipulated rates and black market forex rates.

Alhaji Aminu Gwadabe, the President, ABCON, said once the licensed bureau de change operators commence sales of forex to end-users, speculators will lose billions and the nation’s forex market will rebalance.

He said, “The return of over 5,000 BDCs to the forex market will add great strength to the naira and lead to major capital losses for forex speculators.

“It happened in 2016 and will happen again in 2020. The return of the BDCs will immediately boost naira recovery and put the enemies of the economy to shame.

“We are committed to the CBN’s exchange rate stability and will take all necessary steps within set rules and regulations to keep the naira stable.”