Naira Appreciates Against Dollars on Forex Window 793.70/$1

By Sola Omoniyi, Lagos

The Nigeria naira has appreciated against the United States dollar on the Investor & Exporter (I&E) forex window, closing at 793.70/$.

The trading, which commenced at 778.07/$ on Wednesday, reached a high of 853/$ before closing at 793.70/$. The trading also recorded a turnover of $87.19m as of the end of trading.

This is the second consecutive day that the naira had appreciated against the dollar on the I&E window. On Tuesday, the naira closed at 796.90/$.

The appreciation of the naira is likely due to the recent directive by the Central Bank of Nigeria (CBN) to Deposit Money Banks to remove the rate cap on the naira at the I&E window. This allows for a free float of the national currency against the dollar and other global currencies.

At the parallel market, bureau de change operators bought and sold the dollar at N820 and N825.