Naira depreciates further to $ 361.36 in I&E window

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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. Naija247news 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.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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