Naira strengthens by 0.29% to N385.00/$ at Investors’ forex market

Naira strengthens by 0.29% to N385.00/$ at Investors’ forex market

Activity picked up for the Naira on Tuesday at the Investors and Exporters (I&E) foreign exchange window, although trade volumes continue to remain dismal.

The Naira appreciated by 0.29% to close N1.13k stronger at N385.00/$ at the I&E Forex segment.

It opened at N385.71, traded high at N400.00 and eventually closed at N385.00, representing a 0.29% appreciation against yesterday’s closing position.

A total of $20.93 million was transacted through the I&E window.

The CBN rates again remain unchanged at N361.00.

A dearth of supply has weakened the Naira at the parallel market, as both cash and transfer rates lost N2.00k and N3.00k to close at N416.00/$ and N435.00/$ respectively.