By Adaeze Okechukwu
The Naira yesterday depreciated to N360.83 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window, even as Nigeria’s external reserves hit $33.66 billion.

Data from the Financial Market Dealers Quote, FMDQ, showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, depreciated to N360.83 per dollar, yesterday, from Monday’s closing rate which stood at N360.61 per dollar, translating to a 22 kobo loss in the Naira’s value. Meanwhile, the Naira, in the parallel market, stabilised at N363 per dollar for the eighth consecutive business day.

In a related development, external reserves hit $33.66 billion last week. Data from CBN showed that the reserves have maintained an upward trend from $32.49 billion recorded at the end of September, to $33.66 billion, which was the value as at Wednesday, last week; indicating a $1.17 billion increase within a month.