By Babajide Komolafe
The naira yesterday appreciated to N362.8 per dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEX) in response to increased supply.
According to the Financial Market Dealers Quote (FMDQ), the indicative exchange rate for the window, which is also known as the Investors and Exporters window, dropped to N362.8 per dollar yesterday from N366.25 per dollar on Wednesday, translating to N3.45 appreciation of the naira.
The depreciation was driven by increased dollar supply into the market as reflected by the volume of transactions which rose to $120.57 yesterday from $35.64 million on Wednesday
The naira however remained stable in the parallel market yesterday as the exchange rate closed at