The naira appreciated by 1.79 per cent against the United States dollar on the Investor & Exporter forex window on Tuesday, closing at N756.61/$.

On Monday, local currency slumped to 770.38/$ at the close of trading on the I&E window on Monday, from 686.96/$ at the close of trading on Friday. According to figures obtained from the FMDQ, the trading, which commenced at 701.75/$ on Tuesday reached a high of 781/$ before closing at 756.61/$.

The trading also recorded improved turnover of $134.47m on Tuesday from $78.03m at the close of trading on Monday. At the parallel market, the naira was bought and sold at 750/$ and 760/$, according to some Bureau de Change Operators.

A BDC operator in Lagos, Mr Abdul, said, “The rate has been quite unstable recently. Today, the dollar was bought and sold at 750/$ and 760/$. Euro was bought and sold at 810/ € and 820/ €. Pound Sterling was bought and sold at 945/ £ and 957/ £.”

The Central Bank of Nigeria, last week directed Deposit Money Banks to remove the rate cap on the naira at the I&E window to allow for a free float of the national currency against the dollar and other global currencies. Before the announcement, the naira had closed at the I&E window at 471.67/$, while the parallel market recorded 740/$.

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