By Babajide Komolafe
The naira yesterday appreciated to N362.29 per dollar in the Investors and Exporters (I&E) window due to sharp increase in dollar supply.
Data from Financial Market Dealers Quote (FMDQ) showed that the volume of dollar traded in the I&E window rose by 757 per cent yesterday to $645.92 million from $75.32 million on Wednesday. As a result, the indicative exchange rate for the window dropped sharply to N362.29 per dollar from N368.6 on Wednesday, translating to N6.31 appreciation for the naira.
However, the naira depreciated by N1 at the parallel market yesterday, as the market exchange rate rose to N365 per dollar at the close of business from N364 per dollar on Wednesday.