JUST IN: FMDQ Deny Nigerians Of Official I&E Window Exchange Rate

JUST IN: FMDQ Deny Nigerians Of Official I&E Window Exchange Rate—–The Genius Media Nigeria reports that The major source for tracking the official exchange rate in Nigeria, the FMDQ, has stopped publishing the official (I&E Window) exchange rates on its website at the close of business, denying the public very vital information used for transactions.

This is based on observations made by various FMDQ users who rely on the information on a daily basis. The data has always been published daily on the front page of the website of the FMDQOTC since the window was introduced in 2017.

However, the FMDQ website now reports the official rate with a 2-day delay, a decision that is expected to significantly impede quick investment decisions by Nigerian investors and also deprive users of this information of vital data.

 

Nigerians denied vital data

The Investors & Exporters Window (I&E) official exchange rate is relied upon by tens of thousands of businesses in the country for making business decisions such as imports and exports, conversion of FX balances, payment for goods and services, etc.

It is also relied on by foreign investors in determining the conversion rate for investments into the country. It is also used by academics, researchers, and the media in documenting and analyzing the exchange rate and its impact on Africa’s largest economy.

Not only did the FMDQ delay the closing price for the exchange rate, but it also delayed publishing opening and closing rates, daily highs and lows, as well as daily turnover. It also extended the delay to other daily indices like the money market rate, S&P Sovereign bond index, NIBOR, NAFEX as well as the NITTY rates. 

This change was first noticed on Monday, 11th January 2022, when the rate as of the close of trading in the previous week was not updated. It was initially seen as a glitch on the website, but almost two weeks down the line, it appears the group is beginning to deprive the public of real time-sensitive data.