Naira depreciates to N361.47/$ in I&E window

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The Naira, yesterday, depreciated by 62 kobo to N361.47 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 N361.47 per dollar, yesterday, from N360.85 per dollar on Friday, translating to 62 kobo appreciation of the naira against the dollar. The depreciation was in spite 155 percent increase in the volume of dollars (turnover) traded in the window yesterday. The window yesterday recorded a turnover of $259.05 million up from $101.53 million recorded on Friday. The naira also depreciated by N1 at the parallel market yesterday. According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange rate rose to N364 per dollar yesterday from N363 per dollar on Friday.

SOURCE: VANGUARD

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