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Naira Improves Significantly, Posts Biggest Daily Gain as NAFEX Records $166.66m

Posted by Thandiubani on Fri 25th Aug, 2017 - tori.ng

The naira is on a recovery path after posting its biggest daily gain in the Investors and Exporters (I&E) window.

Currency

The naira has posted its biggest daily appreciation of N5.45 in the Investors and Exporters (I&E) window, while the volume of dollars traded rose to $166.66 million, according to Vanguard.

The naira however remained stable at N370 per dollar in the parallel market.

Data from Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window, known as Nigeria Autonomous Foreign Exchange (NAFEX) dropped to N355.55 per dollar yesterday from N361 per dollar on Wednesday. This translated to N5.45 appreciation for the naira, the biggest daily appreciation since June.

Also, the volume of dollars traded in the I&E window rose by 14 per cent to N166.66 million from $146.09 million on Wednesday. Thus $578.33 million has been traded in the window this week.