Naira appreciates to N360.17/$ in I&E

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The Naira Wednesday appreciated for the first time this week by 28 kobo to N360.17 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 fell to N360.17 per dollar, from N360.45 per dollar on Tuesday, indicating a 28 kobo appreciation of the naira. The appreciation was prompted by a marginal increase in the volume of dollars traded in the I&E window.

The turnover in the window rose by $1.07 million to $120.43 million yesterday from $119.36million recorded on Tuesday.

Investigation revealed that naira remained stable at N362 in the parallel market for the fourth consecutive business day.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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