Naira trades at N410/$ in I&E window

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Naira trades at N410/$ in I&E window

The naira on Thursday traded at N410 per dollar in the import and export (I&E) window against the previous rate of N395 to the dollar.

The official exchange rate quoted on the website of the Central Bank of Nigeria (CBN) is N379/$1 and is yet to be updated as at the time this story is published.

The FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria, quoted on its website, an opening rate of N392.88/$, recorded a high of N402/$ and a low of N385/$ on Wednesday.

In the parallel market, the exchange rate between the naira and the US dollar stood at N470/$.

Nigeria has devalued the exchange rate multiple times this year as it strives to bridge the disparity between the official and parallel market rates.

CBN had last month announced the devaluation of the naira.

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