The Naira, yesterday, depreciated further by 22 kobo to N361.36 per dollar, in the Investors’ and Exporters’ (I&E) window of the foreign exchange market.
Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window rose to N361.36 per dollar, yesterday, from N361.14 per dollar on Wednesday, translating to a 22 kobo loss in naira value.
This depreciation was buoyed by 67 per cent decline in the volume of dollars traded in the I&E window.
Transactions in the window yesterday stood at $181.57, down from $500.37 million recorded on Wednesday.
Vanguard investigation revealed that naira, yesterday, appreciated by N1. According to naijabdcs.com, the exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange rate fell to N361.5 per dollar yesterday from N362.5 per dollar on Wednesday.