Naira drops to N387.25 at Investors and Exporters (I&E) window

[Melvin]

The exchange rate between dollar and naira depreciate to N387.25/$1 at Investors and Exporters window (I&E) closing the week lower as investors scrambled for forex supplies.The exchange rate at the I&E window differs from the CBN's published exchange rate which currently started at N360/$1.it is also different from the black market's exchange rate which is closed at N445/$1 according to information on AbokiFX as of 8 May,2020.Available information from FMDQ (where FX is traded by investors) shows that the Naira depreciated against the Dollar by N0.89,closing at N387.25/$1, as against the N386.36/$1 that it opened with on Thursday,May 8,2020.The exchange rate at the start of the week was N385.33/$1.The depreciation of naira can be attributed to the increased demand by Importers and Foreign portfolio Investors, who want to repariate the proceeds of their funds, in the dept market.Analysts indicate the situation has been like this for weeks and may have alminated in the repricing witnessed in the futures market.