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Naira Plunges Over 7%, Hits Record Low Of N803.9/$ At I&E Window

The naira closed at ₦803.9 per dollar at the investors and exporters (I&E) foreign exchange window on Friday.

The figure is the highest intra-day rate ever recorded since the introduction of the window in April 2017.

The I&E foreign exchange (FX) window is the country’s official exchange rate window. It is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.

This is the first time the local currency has closed above ₦800 per dollar at the official market since the government unified the exchange rate windows.

According to FMDQ Securities Exchange Limited, a platform that oversees FX trading in Nigeria, the closing rate represents a 7.72 percent depreciation from the ₦746.28 recorded on Thursday.

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Data published by FMDQ showed that the naira hit an intra-day trading high of ₦829 and a low of N689.34 before it settled at ₦803.9.

FMDQ quoted an opening rate of N763.36 to the dollar on Friday.

A total of $46.9 million in FX value was traded at the I&E window.

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