Naira Falls At Official I&E Window

The official Investors and Exporters window (i&E) foreign exchange rate opened at 414.05 and closed at 414.73 representing a 0.16% increase in naira and a N0.68 in value as at 29 September 2021. The official market experienced an 0.06% change on Thursday compared to a -0.08% currently indicated with the opening rate reported today 30th September 2021.

On the other hand despite the 200% increase in the supply of dollars in the forex market, the exchange rate at the parallel market closed at N576/$1 on Wednesday 29th September 2021. According to data obtained by rate captain in the parallel market closed at $576/N1 on Wednesday and the opening rate for Thursday is quoted at $578/N1

As BDC’s hope that the CBN will make swift interventions into the current forex saga, The naira continuous to fall and maintain an unstable rate in daily foreign exchange transactions across the market  irrespective of the federal government efforts to boost external reserve with the sale of $4 billion euro bond.