The CBN today depreciated the Naira for the third time by N16.25 or 4.1% to N410/$ in the Investors and Exporters (I&E) window.
Results of forex trading in the I&E window from FMDQ today showed that the indicative exchange rate of the window rose to N410.25/$ at the close of business today from N364/$ yesterday. This translates to N5.75 or 4.1% depreciation of the Naira.
Confirming this development, analysts at Zedcrest Securities Limited said: “We witnessed a significant movement at the I&E window in rates depreciating by N16.25k from yesterday’s closing. This movement was triggered by the Apex bank’s forex intervention sale, which settled at N410/$1”.
Recall that in March, 2020, CBN depreciated the Naira by 7.2% to N386/$ dollar from N360/$ in the I&E window.
Also, on November 24, 2020 CBN depreciated the Naira for the second time making Naira rose by 1.9% to N393/$ from N385.5/$ in the I&E window.
