The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market fell by six percent, month-on-month, to $937.27 million last month from $992.12 million in June, 2020. Similarly, the naira depreciated by N2.75 kobo in July as the indicative exchange rate of the window rose to N389.25 per dollar on 29th of July from N386.50 per dollar on July 1st.
Recall that turnover in the I&E window fell by 22 per cent, year-on-year to $22.99 billion in the first half of the year (H1’20) from $29.32 billion in H1’19. Vanguard analysis of monthly turnover in the I&E window showed that turnover dropped by six percent in January 2020 to $5.6 billion from $5.3 billion in December 2019. In February 2020, turnover rose by 31 percent to $7.34 billion and up by 3.0 percent to $ $7.55 billion in March. However, turnover fell sharply by 88 percent to $873.96 million in April and down by 30 percent to $612.45 million in May. Turnover ticked up in June by 62 percent to $992.12 million. Vanguard