Naira plunges over 7%, hits record low of N803.9/$ at I&E window

The naira, Nigeria’s legal tender, closed at N803.9 per dollar at the investors and exporters (I&E) foreign exchange window on Friday.

The figure is the highest intra-day rate ever recorded since the introduction of the window in April 2017.

The I&E foreign exchange (FX) window is the country’s official exchange rate window. It is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.

This is the first time the local currency has closed above N800 per dollar at the official market since the government unified the exchange rate windows.

According to FMDQ Securities Exchange Limited, a platform that oversees FX trading in Nigeria, the closing rate represents a 7.72 percent depreciation from the N746.28 recorded on Thursday.

Data published by FMDQ showed that the naira hit an intra-day trading high of N829 and a low of N689.34 before it settled at N803.9.

FMDQ quoted an opening rate of N763.36 to the dollar on Friday.

A total of $46.9 million in FX value was traded at the I&E window.