TheCable

The Nigerian naira tumbled to a record low of N993.83 against the dollar at the investors’ and exporters’ (I&E) window.

The I&E window is the country’s official foreign exchange (FX) trading platform.

The FX rate represents a 25.81 percent depreciation of the local currency from the N789.94 recorded on the last trading day.

Data from FMDQ Securities Exchange, a platform that oversees FX trading in Nigeria, showed that the official window recorded a low of N475 and a high of N998 to the dollar on Monday.

FMDQ said trading opened at N794.70 and closed at the rate of N993.83; adding that the daily FX market turnover totalled $88.31 million.

Meanwhile, at the parallel section of the market, the naira sustained its recent gains, trading at N1,150 to the greenback.

Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, had said the federal government plans to introduce new FX rules, including a crackdown on illicit currency trading.

He said the government plans to clear a backlog of dollar demand estimated at about $6.7 billion, bolster the naira forward market, and set transparent rules for the operations of the official market.

On October 23, 2023, Wale Edun, minister of finance and coordinating minister of the economy, said Nigeria expects $10 billion in foreign currency inflows to ease liquidity in the foreign exchange market.