Naira Falls to N1089/$ On Official I&E Window

 

The naira has again crashed against the dollar at the official Investor and Exporter window on Tuesday.

 

According to Punch, the naira fell to N1089.51/$ on the official market.

 

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.