WED, OCT 04 2023-theGBJournal|The naira depreciated by 1.5% to N756.21/USD at the Investors and Exporters (I&E) window Wednesday at the end of the day’s trading session, continuing its losing streak against the greenback.
Last week, the exchange rate at the I&E Window lost 0.99% to close at N755.27/US$1.
In the parallel market, the Naira slipped by 1.29% to close at N1,008.00/US$1. Currently, the gap between the I&E Window and the parallel market stands at 33.46%. The gross foreign exchange (FX) reserves of the Central Bank of Nigeria (CBN) slipped by 0.10% to US$33.24bn.
Notwithstanding the current pressure on the Naira, analysts at Coronation Reseatrch tells theGBJournal they maintain that the reforms in the foreign currency market will lead to improvements in FX liquidity in the medium term.
At the money money market, the overnight lending rate expanded by 155bps to 3.0%, in the absence of any significant funding pressure on the system.
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