Naira loses against the Dollar at I&E market

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This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

Naira lost against the U.S. dollar on Wednesday at the Investors & Exporters window (I&E) of the foreign exchange market, according to data from the FMDQ Securities Exchange.

Naira closed at N394.17, N0.82 or 0.21 per cent weaker than the rate at which it was exchanged at the previous session, which was N393.35.

The depreciation in the value of the local currency came as turnover increased by 235 per cent with $89.5 million recorded compared to the $26.8 million posted on Tuesday.

Naira reached an intraday high of N390 against the greenback and oscillated to a low of N415.76 before settling for a close at N394.17.

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On the parallel market, data from abokiFX.com showed that the naira to dollar exchange rate closed at N475, the same rate at which it changed hands on Tuesday and Monday.

That leaves the spread of N80.83 between the black market and the I&E window rates, meaning a 20.5 per cent margin in exchange rate separates both markets.

The CBN’s official rate on Wednesday was N379 per dollar.

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