Again, Naira weakens against dollar at I&E forex window
The currency stayed stable at the parallel market.
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Naira depreciated against the U.S dollar on Monday at the Investors & Exporters (I&E) window of the foreign exchange market, according to data extracted from the FMDQ Security Exchange where currencies are officially traded.
Naira closed at N394.50 at the Monday trading session. This shows that the currency (Naira) weakened by N1.2 or 0.30 per cent from N394.17, the rate at which it closed at the previous session on Friday last week.
The depreciation happened as turnover contracted by 10.2 per cent, with $39.99 million recorded as against the $44.51 million posted on Friday.
Abuja, Jan. 25, 2021 A financial expert, Mr Okechukwu Unegbu, has urged Nigerians in diaspora to make remittances to relatives in dollars and other foreign currencies to preserve Nigeria’s foreign reserves.
Unegbu, a past president of Chattered Institute of Bankers of Nigeria (CIBN), gave the advice in an interview with newsmen on Monday in Abuja.
He also called on commercial banks to comply with the Central Bank of Nigeria (CBN) directive to always pay such remittances to their beneficiaries in foreign currencies.
Unegbu said that defaulting banks could be sanctioned to serve as deterrent.
“Remittances from abroad, if paid in dollars, pounds sterling or other foreign currencies will bring some gains in terms of exchange rate differentials.