Naira appreciates, closes at N743/$ at I&E window

The naira, on Friday, appreciated by 4.31 percent to close at N743.07 to a 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 local currency hit an intra-day trading high of N799 and a low of N475 but closed trading at N743.07.

FMDQ quoted an opening rate of N782.28 to the dollar on Friday.

The total value of trades recorded at the I&E window stood at $121.08 million.

TheCable had reported that Wale Edun, one of the ministerial nominees of President Bola Tinubu, said the exchange rate should be at N700/$1 as liquidity flows in.

Edun said speculators may lose their shirts if liquidity inflows increase and the exchange rate rapidly comes down.

“The issue of foreign exchange is clearly uppermost in the minds of the monetary authorities. What I can say is this: For a country that has revenue flows from oil revenues, from remittances, from other non-oil exports, and from financing of over $100 billion a year, there is no reason that there should not be a stable exchange rate,” Edun said.

“All other things being equal and provided inflation is kept under control, the N860/$ that we are seeing is not backed up by the fundamentals of the Nigerian economy.

Since the government unified the exchange rate windows, the naira has consistently experienced fluctuations at the official window.