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 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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