Naira experiences a decline to N770.38 per dollar in the Investors and Exporters (I&E) window due to increased demand for dollars.
According to data from the FMDQ, the indicative exchange rate for the I&E window increased from N663.04 per dollar on Friday to N770.38, representing a depreciation of N107.34 for the naira.
However, in the parallel market, the naira appreciated to N755 per dollar from N759 per dollar the previous week.
This marks the first time since 2019 that the I&E exchange rate has surpassed the parallel market exchange rate.
Last week, the CBN authorized banks to sell foreign exchange freely at market-determined rates, aligning with President Bola Tinubu’s commitment to a single exchange rate regime.
This move aims to attract investment and address concerns raised by multilateral lending organizations about the negative impact of multiple currency rates on the economy.
