Home Business The Central Bank of Nigeria Depreciates Naira to N410.25 in the Investors and Exporters Window

The Central Bank of Nigeria Depreciates Naira to N410.25 in the Investors and Exporters Window

by InlandTown
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On the 31st of December 2020, CBN depreciated the naira by 16.25 kobo in the investors and Exporters Window. This serves as the third and biggest daily deprecation of the naira since the year 2017.

In March 2020, the indicative exchange rate for the window increased to N374 per dollar at the close of business from, N368.33 per dollar resulting to N5.67 depreciation for the naira.

In November, CBN depreciated the naira by 7.75 in the window, as the Financial Market Dealers Quotation Platform showed that the I&E window rose to 393/$ at the end of business from 385/4 November 24 2020.

Information from FMDQ revealed that the indicative exchange rate for the window rose to N410.25 per dollar from N391 per dollar showing N16.25 kobo deprecation of the naira.

Nevertheless, the turnover of dollars traded in the window rose by 43% to $235.75 million from $164.81 million.

 

 

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