The Nigerian Autonomous Foreign Exchange (NAFEX) market also known as the Importers and Exporters (I&E) window pumped $1.977 billion into the foreign exchange market in September.
According to the data gathered from FMDQ throughout September from its official website, the window recorded an improved turnover of $1.977 billion last month when compared to $857 million and $937 million recorded in July. The Naira traded at the beginning of the month of September at N386/$ and remained stable till the end of the month.
At the primary market, the foreign reserve continues to drop due to the decline in oil prices and the impact of the Covid-19 as it stood at $35.67 billion at the beginning of September and $35.72 billion as at September 29 indicating a drop by over $52.69 million. The local currency however stabilized throughout the month at the interbank segment of the Central Bank of Nigeria (CBN) to trade at N380/$. The apex bank however continue to intervene in the forex market in order to boost supply of dollars.
Meanwhile as at yesterday, the Naira depreciated at the I&E window to N386/$ from N385.80/$ which it was on Friday. At the Parallel market, the Naira appreciated by N5 to trade at N460 from N465 which it was at the weekend.
Against the pounds sterling, the Naira stabilised at N600 while the Naira appreciated by N5 against the euro to settle at N540. At the Bureau de change (BDC) segment, the Naira appreciated against the dollar and pounds sterling to trade at N458 from N46 and N538 from N540 respectively while it depreciated against the euro to trade at N597 from N593 which it was at the end of trading on Friday.