Naira depreciates to N360.31/$ in I&E

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The naira yesterday depreciated by 15 kobo to N360.31 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 also known as Nigerian Autonomous Foreign Exchange, NAFEX, rose to N360.31 per dollar, yesterday, from N360.16 per dollar on Wednesday, translating to 15 kobo loss in the value of naira.

The depreciation was triggered by 63 percent decline in the volume of dollars traded in the I&E window. The window yesterday recorded a turnover of $134.62 million, down from $361.48 million recorded on Wednesday.

Our investigation revealed that naira yesterday remained stable at N363 per dollar for the fifth consecutive day in the parallel market.

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