Naira gains over Euro, steadies against dollar, pound at parallel market
After slipping against the Pound and Euro over the weekend, the Nigeria’s currency, Naira on Monday 8, 2017, rebounded against the Euro to close at N432 against 434 traded over the weekend, however, remained unchanged to the Dollar at N363 and Pound at the depreciated rate of 486 at the parallel market, check by The Daily Times has revealed.
The Naira, had ended the first trading in 2018 at 486 to the pound and 434 per euro, respectively, compared to 485 and 430 sold on Thursday at the parallel segment of the foreign exchange market.
The local currency at the official forex market, also, appreciated slightly by 0.02 per cent against the dollar to close at N305.90 compared to 305.95 traded on Friday.
It however, opened trading low on Investors & Exporters (I&E) FX window at 360.28 against N360.05, before trading high at 362.40 and eventually closex at a better rate of 360.14, which was stronger than N361.31 per dollar stood on Friday but weaker than 361.08 recorded onThursday.
Consequently, data obtained from the FMDQ OTC has showed that I &E FX window as at close of the year 2017 recorded a whopping total transactions turnover of $25.65billion in just nine months of operations in 2017.
According to the FMDQ statistic, $0.61 billion or N1865.66 billion total turnover was traded in April and increased by 114 per cent to $1.32 billion or N403.92 billion in May.
Total turnover on the I & E FX window in June and July were $1.63 billion or N498.78 billion and $1.86 billion or N569.16 billion respectively.
Data from FMDQ OTC stated that total turnover gained momentum in August 2017, as newly created window reached $3 billion per month.
But was estimated at $3.54billion or N1.08 trillion, while in September, total trade on the I & E FX window closed at $4.61 billion or N1.41trillion. For October it dropped to $4.30 billion or N1.32 trillion.
In addition, the total turnover trade on the I & E FX window in November and December were $4.51 billion or N1.38 trillion and $3.27 billion or N1 trillion respectively.
The I& E FX was created by the CBN to boost supply of foreign exchange into the Nation’s economy, attract more investments and stabilize the foreign exchange market.
CBN introduced the special window for investors, exporters and end-users of foreign exchange on April 21, 2017 as part of its efforts to deepen the FX market and accommodate all the foreign exchange obligations.
Finance analysts said the absence of CBN’s weekly intervention also thrust trading on the specialized window though the foreign exchange market remains relatively stable.
