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Naira further weakens against dollar at I&E window

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The naira on Wednesday depreciated at the Investors and Exporters window, exchanging at N418.75 to the dollar, a 0.12 per cent depreciation, weaker than N418.25 traded on Tuesday.

The open indicative rate closed at N417.70 to the dollar on Wednesday.

An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N418.75.

The Naira sold for as low as 410 to the dollar within the day’s trading.

A total of 115.78 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.

Meanwhile, Ndubisi Nwokoma, a Professor of Financial Economics and Director of the Centre for Economic Policy Analysis and Research of the University of Lagos, attributed the currency’s loss to shortfall in reserve.

Mr Nwokoma said: “this is a clear case of uncertainty in the foreign exchange market and in the economy at large.

“A development where we see fluctuating prices on daily basis in the official foreign exchange market indicates shortfalls in reserves (supply),  as well as bottlenecks in the supply chain coupled with speculative activities on the demand side.”

(NAN)

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