Naira drops 1.15% at I&E window, despite a sharp rise in market turnover

Oct. 12, 2024 - Nairametrics

This shift highlights changes in Nigeria’s foreign exchange landscape, with the naira depreciating by 1.15% from the previous day’s rate of N1,622.

57. Meanwhile, market turnover in the I&E window experienced a significant surge, rising to $616.

73 million—a 323% jump from the $145.56 million traded the previous day.

Market Turnover: Market volume traded in the I&E window surged to $616.73 million, a significant increase from the prior day’s $145.

56 million. Parallel Market Rates: In the parallel market, the naira opened at N1,620.

39 per dollar. Market Trends:Throughout 2024, Nigeria’s exchange rate has been under sustained pressure, leading to a substantial depreciation of the naira.

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