Naira appreciates at N394/$1 in I&E window

The naira appreciated by 4.1 percent at N394.30 on Monday in the import and export (I&E) window.

Market analysts opined that the surge in demand pressure during trading forced authorities to allow trades to cross higher than N410/$1 and settling at this price by closing last week Thursday.

Figures from the FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria, show that it opened on Monday at N403.93, recorded a high of N412.05 and low at N385.

The I&E window is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.

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