Naira Drops Lower, Exchanges for N419.50 to 1 Dollar at I&E Window, N600 to 1 Dollar at Parallel Market

Alt: = "Dollar notes and Naira notes exchanging hands"

Nigerian naira has plummeted the more, exchanged for N419.50 to 1 USD on Thursday at the Investors and Exporters (I&E) window, losing about 0.28% from the N418.33 to 1USD recorded on Wednesday.

It first rose to all-time high of  N444. To 1USD within the day’s trading before settling at N419.50.

The total traded value in foreign exchange at the official Investors and Exporters window on Thursday stood at $124.85 million.

At the parallel market, otherwise known as Bureau De Change, the naira was exchanged for N600 to 1USD, a position it has maintained since Easter Sunday.

A survey across foreign exchange dealers in Lagos showed that they buy at N590 to 1USD and sell at N600 to 1USD.

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