Forex: Turnover in I&E rises 43% to $1.3bn – As naira depreciates

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market roseby 43 percent, month-on-month, to $1.3 billion in Februaryfrom $906.44 million in January2021.

Vanguard analysis of weekly turnover in the window showed that $258.19 million was traded in the first week February.

Turnover rose by 44 percent to $372.2 million in the second week and dipped by 42 percent to $214.71 million in the third week.

The turnover rose by 108 percent to $446.18 million in the fourth week of February.

However, the naira depreciated by N16.25 kobo in the window during the month as the indicative exchange rate rose to N410.25 kobo per dollar on February 26th from N394 per dollar on February 1.