Tag
I&E WINDOW
The continuous rally of the local currency against the dollar can be attributed to the improved liquidity in the foreign exchange market due to the intervention of the Central Bank of Nigeria (CBN), as well as the decline in the activities of currency speculators.
CBN's Godwin Emefiele had recently advised businesses and individuals to stop patronizing operators in the parallel market because they heating up the foreign exchange market.
The local currency strengthened by N0.58 against the dollar, compared to the N386.58 to a dollar that it traded on Thursday.
The Nigerian Naira has faced upside pressure since the start of the third-quarter as the Naira exchange rate to the dollar on the Investors and Exporters’ (I&E) window has depreciated by 1% to N363.68/$ from N360.74/$ at the end of the second quarter.
Nigeria's external reserves have rallied and hit $45bn mark in May 2019, which represents 8months high. This is revealed in data obtained on the Central Bank of Nigeria (CBN) official webpage.