The Naira strengthened 1.42 per cent against the Dollar at the Investors and Exporters (I&E) foreign exchange window on Friday even with the Covid-19 pandemic and crude oil war.
The local currency at the I&E Forex window also known as the Nigerian Autonomous Forex window opened at N369.20, traded high at N378.10 and eventually closed at N359.00, representing 1.48 per cent appreciation against the previous day’s closing position.
Investors traded a total of $156.42 million through the I&E window.
At the Interbank, the Naira/USD spot and SMIS rate remained unchanged at N306.95/$ and N358.51/$.
At the parallel market, cash rates appreciated by N7 to close at N370.00/$, while the transfer rate depreciated further by N8 to close at N395.00/$.