The naira slumped further to the dollar after closing at 770.38/$ at the end of trading on the investor & exporter forex window on Monday.

According to figures obtained from the FMDQ on Monday, the trading rates had closed at N686.96/$ on Friday.


Trading opened at N703.50/$ and hit a high of N799/$ before closing at N770.38/$.

The I& E forex window recorded a total turnover of $78.03m at the close of trading on Monday.

The Central Bank of Nigeria, last week directed Deposit Money Banks to remove the rate cap on the naira at the I&E window to allow for a free float of the national currency against the dollar and other global currencies.

The banking regulator explained its new forex operation in its report on ‘Understanding the operational changes to the foreign exchange market’.

By collapsing all segments in the FX market into the I&E window, it said this meant all eligible FX transactions in the market would only be done via the I&E window, as all other windows ceased to exist.

The I&E market functions by a willing buyer, willing seller system, where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorised dealer,” the CBN stated.

On the concept of the willing buyer and willing seller model, it explained that the rates were mutually agreed by both parties.

The CBN said PTA, BTA and other invisible transactions would continue to be accessed through the banks at the prevailing market rate.

Lalasticlala Seun mynd44

The biggest mistake by BAT is the Floating of naira at this time, it is a wrong calculation. Why floating the naira when our MasterCard can't still be used to make international payment? Why can't bank give you naira equivalent of you FX when you wan to withdraw FX?
Why floating naira when there is scarcity of FX to match the demand?
The only hope that government and masses are conting on is Dangote refinery should begin operation. How realistic is the hope? Dangote is a business man.

And here I was thinking that Tinubu floating the Naira will help it rise. Let’s just hope it does in due time

Magnetic010:
And here I was thinking that Tinubu floating the Naira will help it rise. Let’s just hope it does in due time

Floating the naira is a big mistake by Tinubu.

We will know in the next 6 months.

Magnetic010:
And here I was thinking that Tinubu floating the Naira will help it rise. Let’s just hope it does in due time

The nigerian currency and its relationship with other currency is a beast .......it will never truly respond to market forces because manipulators are always waiting to enrich their pockets at the expense of the masses....... there can never be fair play in nigeria... the float will only on the long run make bankers richer and black market malams even more richer

Forex trades are cashing out big time, from may29 to today, the uncertainties don make some ppl millionaires

I wander why the CBN is not updating the rate on their website