Naira appreciates further to N360.30/$ in I&E

The Naira, yesterday, appreciated further by 15 kobo to N360.30 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 as known as Nigerian Autonomous Foreign Exchange, NAFEX, dropped to N360.30 per dollar, yesterday, from N360.45 per dollar on Monday, indicating a 15 kobo increase in the value of naira. Recall that Naira also appreciated by 12 kobo on Monday from $360.57 per dollar Friday last week. The strengthening of the Naira was in spite of the $2.29 million decline in the volume of dollars traded in window. The window recorded a turnover of $166.22 million yesterday, down from $168.51 million traded on Monday. Vanguard investigation revealed that naira remained stable at N362 yesterday in the parallel market.