Naira Exchanges Higher Against Dollar on the Investors and Exporters Window

The Nigerian Naira on Monday, February 13th, exchanged at an appreciated rate of N461 to the dollar at the Investors and Exporters window.

This represented a marginal improvement of 0.11% compared to the N461.50 it exchanged for on Thursday, February 10th, 2023.

The open indicative rate was also reported to have closed at N461.35 to the dollar on Monday. Although the exchange rate of N462 to the dollar was the highest rate recorded within the day’s trading before it settled at N461, it sold for as low as N446 to the dollar within the same trading period.

A check by Investors King shows that a total of N208.91 million was traded at the official Investors and Exporters window on Monday. This increase in trading activity suggests growing confidence in the Nigerian economy among foreign investors.

The naira’s improved performance on the Investors and Exporters window is a welcome development for the Nigerian economy, as it is expected to further boost foreign investments and improve the country’s forex reserves.

Meanwhile, the rejection of old naira notes by high court registries in Lagos State has sparked outrage among lawyers and litigants, as they were unable to file court processes using the old notes for payment.

The development comes amid a lingering naira crisis in the country, and court officials insisted that only new naira notes should be used for payment. The affected lawyers argue that the non-acceptance of old notes is a violation of the Supreme Court’s order that the old naira notes should remain in circulation.

The situation highlights the challenges faced by the country in managing its currency and the urgent need for a sustainable solution.