Naira appreciates, closes at N740/$ at I&E window

The naira on Friday appreciated by 2.93 percent to close at N740.38 per dollar at the investors and exporters (I&E) window.

The I&E window is the country’s official exchange rate window.

Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, showed that the Nigerian currency hit an intra-day trading high of N800 and a low of N700 — but closed trading at N740.

FMDQ quoted an opening rate of N775.17 to the dollar on Friday.

The total value of trades recorded at the I&E window stood at $178.53 million.

Earlier on Friday, Wale Edun, minister of finance and coordinating minister of the economy, said the last time the foreign exchange (FX) rate was stable, and interest rates were affordable, was a decade ago.

Edun said a weak, depreciating exchange rate, as well as security concerns, resulted in an economy “that is not growing and that is not lifting Nigerians out of poverty”.

“If we think back to when was the last time the economy was stable, when it was growing, when inflation was low, when the exchange rate was stable, and when interest rates were affordable; that period was about a decade ago,” he said.

The minister added that “economic growth was about 6 percent around 2013 to 2014”.