By Babajide Komolafe
The naira yesterday depreciated to N367.57per dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEX) window due to increased demand.
Data from the Financial Market Dealers Quote (FMDQ), showed that the indicative exchange rate for the NAFEX window rose from N363.57 per dollar on Tuesday to close at N367.60 per dollar, indicating N4.03 depreciation for the naira. Consequently the naira has depreciated by N5.36 for two consecutive days, from Monday to Wednesday.
Vanguard investigation revealed that the depreciation is driven by increasing demand for dollars in the NAFEX window, which is also known as the Investors & Exporters window.
The Naira however remained stable at the parallel market yesterday as the exchange rate closed at N367 per dollar.