The exchange rate at the I&E window remained stable, trading at N416/$1 at the official Investors and Exporters (I&E) window.
Similarly, naira continues to sell for a minimum of N575/$1 at the Peer-to-Peer (P2P) market, maintaining the same rate in the past three trading sessions. The exchange rate has held its status despite the fear of a devaluation following the Russia-Ukraine face-off that has lingered in the second week.
Meanwhile, the exchange rate at the parallel market depreciated by 0.35% to close at N580/$1 from N578 to a dollar recorded on Tuesday, 8th March 2022. This is according to information obtained from BDC operators.
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The depreciation of the naira against the US dollar has been attributed to increased demand for FX in the non-official markets, while the marginal downturn at the I&E window is the usually managed movement, floating between N415/$1 and N416.67$1.
The exchange rate at the Investors and Exporters window closed at N416.5/$1 on Wednesday, 9th March 2022, a 0.12% depreciation from N416 to a dollar recorded on Tuesday.
The opening indicative rate closed at N416.21/$1 on Wednesday, representing a 19 kobo depreciation compared to the N416.02/$1 recorded on Tuesday, 8th March 2022.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.5/$1, while it sold for as low as N410/$1 during intra-day trading,
It is worth noting that information on the daily forex turnover at the Investors and Exporters window has not been available on the official exchange rate source (FMDQ).