BUSINESS

Naira closes at N362.94 per dollar at I & E window

Published

5 years ago

January 27, 2020

NEWSVERGE

Naira exchanges at N359.4 to dollar at parallel market

The Naira on Monday closed at N362.94 to a dollar at the investors (I&E) window.

The Market turnover at the window stood at 83.77 million dollars.

At the official Central Bank of Nigeria (CBN) window, a dollar was sold at N306.95.

The Naira exchanged at N360 to the dollar at the parallel market in Lagos, while the Pound Sterling and the Euro traded at N476 and N398 respectively.

It was reported that the future of the Naira had been the focus of debate with economists postulating on its possible devaluation in 2020.

However, the CBN in it’s first Monetary Policy Committee (MPC) in 2020 said that Naira devaluation was the way to go.

CBN Governor, Mr Godwin Emefiele, noted that the bank has sufficient foreign reserve to defend the Naira without choosing the option of devaluation.

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