{"id":22428,"date":"2020-06-23T13:42:37","date_gmt":"2020-06-23T13:42:37","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=22428"},"modified":"2020-06-23T13:42:53","modified_gmt":"2020-06-23T13:42:53","slug":"naira-gains-against-the-dollar-at-ie-window-as-liquidity-improves-by-66","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=22428","title":{"rendered":"Naira gains against the dollar at I&E window as liquidity improves by 66%"},"content":{"rendered":"\n
\"NFIU<\/figure>\n\n\n\n

Naira strengthened marginally against the U.S. dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Monday, closing at N386 to a dollar, compared to the N386.50 to a dollar recorded on Friday.<\/p>\n\n\n\n

However, the exchange rate remained stable at the parallel market on Monday at N455 to a dollar<\/a>, the same rate at which trade was conducted on Friday.<\/p>\n\n\n\n

Forex turnover at the I&E expanded by 66.42% on Monday, giving a boost to liquidity in the currency market.<\/p>\n\n\n\n

Turnover leapt from the $38.12 million reported last Friday to $63.44 million on Monday according to the data provided by FMDQOTC, the exchange where forex is traded by foreign investors and exporters.<\/p>\n\n\n\n

Even though the increase in percentage terms is seemingly high, yesterday\u2019s turnover at $63.44 million is well below the over $200 million daily average recorded in January.<\/p>\n\n\n\n

Liquidity remains quite tight at the forex market<\/a> with the average turnover in the I&E segment of the market down to around $45.5 million in May compared to January.<\/p>\n\n\n\n

The backlog of forex demand in the market could be between $1.5 billion \u2013 $5 billion according to analysts as supply shortage persists.<\/p>\n\n\n\n

Dearth of foreign exchange has been rife in the market since the oil price slump coincided with the coronavirus lockdown that disrupted supply chains.<\/p>\n\n\n\n

The rise in forex demand and the contrasting fall in supply have triggered calls for a devaluation of the Naira, which the Central Bank of Nigeria said it had plans to implement. The last devaluation of the Naira occurred in March.<\/p>\n","protected":false},"excerpt":{"rendered":"

Naira strengthened marginally against the U.S. dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Monday, closing at N386 to a dollar, compared to the N386.50 to a dollar recorded on Friday. However, the exchange rate remained stable at the parallel market on Monday at N455 to a dollar, the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21],"tags":[],"yoast_head":"\nNaira gains against the dollar at I&E window as liquidity improves by 66% » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=22428\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=22428#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Naira gains against the dollar at I&E window as liquidity improves by 66%\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Naira gains against the dollar at I&E window as liquidity improves by 66% » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=22428","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=22428#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"Naira gains against the dollar at I&E window as liquidity improves by 66%"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Naira strengthened marginally against the U.S. dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Monday, closing at N386 to a dollar, compared to the N386.50 to a dollar recorded on Friday. However, the exchange rate remained stable at the parallel market on Monday at N455 to a dollar, the…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/22428"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22428"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/22428\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}