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Naira depreciates further to N360.70/$ in I&E as external reserves gain $405.5m

By Adaeze Okechukwu
The naira Thursday appreciated to N360.70 per dollar in the Investors and Exporters (I&E) window, even as the nation’s external reserves recorded $405.5 million increase Week-on-Week.

Vanguard analysis of external reserves data on Central Bank of Nigeria (CBN) website showed that the external reserves rose to $39.786 billion on Tuesday from $39.381 billion recorded last week Tuesday.

Meanwhile, data from the Financial Market Dealers Quote (FMDQ) showed that the naira depreciated further by 14 kobo as the indicative exchange rate for the  I&E window rose to N360.70 per dollar, yesterday, from N360.56 per dollar on Wednesday.

The depreciation was prompted by 23 per cent decrease in the volume of dollars traded in the window, which fell to $292.21 million from $380.56 million traded on Wednesday.





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