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Naira extends gain at I&E window, closes at N742.9/$

A 100 dollar bill and 1000 naira notes A 100 dollar bill and 1000 naira notes

The naira, on Tuesday, appreciated by 6.58 percent to close at N742.93 to a dollar at the investors and exporters (I&E) window.

The improving fortune of the naira comes two sessions after it tumbled to an all-time low of N803.9/$ last Friday.

Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, showed that the local currency hit an intra-day trading high of N831 and a low of N707.99 before it settled at N742.93.

FMDQ quoted an opening rate of N788.17 to the dollar on Tuesday.

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FX turnover within the day’s market session increased significantly by 352.36 percent to $156.29 million from $34.55 million published in the previous market session on Monday.

Meanwhile, the greenback was sold at N825 at the parallel/black market on Tuesday, Bureaux De Change operators (BDCs) in the Ikeja area of Lagos told TheCable.

On Monday, one dollar was sold at N827 at the black market.

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TheCable had reported that Nigeria’s headline inflation rate rose for the sixth consecutive time to 22.79 percent in June 2023.

The inflation rate recorded a slight surge from 22.41 percent in May — less than expected by analysts.

The National Bureau of Statistics (NBS) later explained why inflation only rose slightly in June despite the impact of petrol subsidy removal and exchange rate unificiation on consumer prices.

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