Forex is sold at several prices and at different times during the day.
Forex turnover at the Investor and Exporters (I&E) window recorded a significant decline.
Forex turnover at the Investor and Exporters window recorded a massive increase on Thursday
The Naira fell to as high as N390 during intraday trading before strengthening to the closed rate of N389.
Forex turnover rose by 44.9% while the exchange rate depreciated closing at N386.50/$1.
The drop is due to pressure on the black market as a result of a scarcity of dollars.
The exchange rate at the I&E window is different from the CBN’s published exchange rate.
The naira was strengthened on Wednesday as it appreciated to N386.94 to a dollar at the Investors and Exporters (I&E) window, after the day’s trading session
The naira made a rebound in the foreign exchange market as it gained against the dollar at the parallel market.
The local currency strengthened by N0.83 against the dollar, when compared to the N386.33 to a dollar that is exchanged on Friday, May 29, 2020.