{"id":26879,"date":"2020-08-11T11:00:21","date_gmt":"2020-08-11T11:00:21","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=26879"},"modified":"2020-08-11T11:00:27","modified_gmt":"2020-08-11T11:00:27","slug":"naira-gains-against-dollar-at-ie-window-closes-flat-at-black-market","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=26879","title":{"rendered":"Naira gains against dollar at I&E window, closes flat at black market"},"content":{"rendered":"\n
\"FOREX:<\/figure>\n\n\n\n

The naira closed stronger against the United States dollar at the over-the-counter spot market also called the Investors and Exporters (I&E) window on Monday, exchanging at N385.50\/$1.<\/p>\n\n\n\n

It had closed at N386 at the previous session, meaning it posted a 50 kobo appreciation on Monday.<\/p>\n\n\n\n

The opening indicative rate was N386.17 to a dollar, translating to a 62 kobo fall when compared with the N385.55 to a dollar<\/a> reported on Friday.<\/p>\n\n\n\n

The local currency touched an intraday high of N386 and a low of N384 at the last session.<\/p>\n\n\n\n

On the supply side, foreign exchange turnover at the I&E window recorded a deep plunge, falling by as much as 95.7% session on session.<\/p>\n\n\n\n

According to the FMDQ, volume plummeted from $92.22 million on Friday to $3.97 million on Monday, raising fears that the road to recovery and liquidity at the currency market might still be far ahead.<\/p>\n\n\n\n

Last week, forex<\/a> sale averaged $50.6 million relative to $32 million the week before. Yet, the recent levels are significantly lower than the figure for January, when daily turnover average was more than $200 million.<\/p>\n\n\n\n

Meanwhile, the exchange rate of naira to the dollar remained unchanged on Monday at the black market according to Abokifx, which collates rates from informal street traders. It closed at N475\/$1, the same rate at which it closed on Friday.<\/p>\n\n\n\n

The gulf between the rate of exchange used at the I&E window and that of the parallel market, which the central bank says is \u2018illegal\u2019 stands at N89.5.<\/p>\n\n\n\n

Nigeria has been under pressure from the World Bank and the International Monetary Fund to harmonise its multiple exchange rates around the one used by the I&E window in order to attract foreign investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The naira closed stronger against the United States dollar at the over-the-counter spot market also called the Investors and Exporters (I&E) window on Monday, exchanging at N385.50\/$1. It had closed at N386 at the previous session, meaning it posted a 50 kobo appreciation on Monday. The opening indicative rate was N386.17 to a dollar, translating […]<\/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 dollar at I&E window, closes flat at black market » 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=26879\" \/>\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=26879#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 dollar at I&E window, closes flat at black market\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Naira gains against dollar at I&E window, closes flat at black market » 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=26879","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=26879#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 dollar at I&E window, closes flat at black market"}]}]}},"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":"The naira closed stronger against the United States dollar at the over-the-counter spot market also called the Investors and Exporters (I&E) window on Monday, exchanging at N385.50\/$1. It had closed at N386 at the previous session, meaning it posted a 50 kobo appreciation on Monday. The opening indicative rate was N386.17 to a dollar, translating…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/26879"}],"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=26879"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/26879\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}