The Naira appreciated today by N2.2Kobo to N407.80/$ from N410/$ yesterday at the Investors and Exporter (I&E) window.
This follows a 53.69% raise in the volume of dollars traded (turnover) in the I & E window to $62.69 million today from $40.79 million yesterday.
But, the currency depreciated today by N1 to N476.50 from N475.50/$ yesterday in parallel market.
However, according to a report released yesterday on the official website of the Central Bank of Nigeria, CBN, for the first half of 2020.
“The daily rate at the I & E window opened at N364.79/US$ on January 2, 2020 and closed at N386.50/US$ at end-June 2020.
“On a monthly average, the exchange rate opened at N363.18/US$ in January and closed at N386.39/US$ in June 2020.”
Moreover, “The turnover of transactions at the window amounted to US$24.69 billion at end-June 2020, compared to US$33.21 billion in the corresponding period of 2019.
“The decrease in turnover was a result of reduced inflows to the country. Since its introduction in April 2017, the turnover of transactions amounted to US$173.41 billion at end-June 2020.” It reported.
Furthermore, for the exchange that occurred in Parallel Market for the first half of the year 2020, CBN reported that,
“The daily BDC exchange rate opened at N362.00/US$ in January 2020 and closed at N455.00/US$ at end-June 2020. On monthly basis, the average exchange rate opened at N367.00/US$ in January and closed at N447.57/US$ in June 2020.
“The restriction on international air travel saw the CBN temporarily stop sales to BDCs, which led to a depreciation of the naira at the segment.”
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