Naira falls to N1089/$ on official I&E window

The naira fell to N1089.51/$ on the official Investor and Exporter window on Tuesday.

The currency fell by 27.19 per cent from the N856.57/$ it closed on Monday, according to data from the FMDQ Securities Exchange.

On Tuesday, the naira opened trading at N922.22/$, rose to a high of N1251/$ and low of N720/$ before closing at N1089.51/$.

Total forex turnover on the day was $97.45m.

This is the fourth time the naira will close below N1,000 on the official window.

On December 8, 2023, the naira fell to an all-time low of N1,099.05/$, on December 28, 2023, it closed trading at N1043.09/$, on January 3, 2024, the national currency closed at N1035.12/$.

Tuesday’s N1089.51/$ is the second lowest the naira has closed on the official FX window since the Central Bank of Nigeria removed the rate cap of the currency.

The naira’s continued decline is despite the apex bank’s effort to clear backlogs of matured foreign exchange obligations to the Deposit Money Banks. Recently, the CBN said that it has paid $2bn as part of its backlog obligations.

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