The naira appreciated to N385.50 at the Investors and Exporters (I&E) window on Monday, June 1, 2020, as the Central Bank of Nigeria’s intervention in the foreign exchange market intensifies. The demand pressure on the foreign exchange market by currency speculators also seems to be on a decrease.
The local currency strengthened by N0.83 against the dollar, when compared to the N386.33 to a dollar that is exchanged on Friday, May 29, 2020.
The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1. This is also different from the exchange rate at the parallel market, which is now N440 to $1, according to information obtained from AbokiFX.
Available information from the daily trading at FMDQ (where FX is traded by importers and investors) shows that the naira improved against the dollar by N0.83, closing at N385.50 to a dollar, as against the indicative rate of N386.25 to a dollar that it opened with on Monday. This also represents a gain of N1 when compared against the N387.25 it opened with last week Friday.