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Naira appreciates further to N360.25/$ in I&E

The naira Tuesday appreciated further to N360.25 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E dropped further to N360.25 per dollar, yesterday, from N360.28 per dollar on Monday, translating to a 3 kobo appreciation of the naira.

The appreciation was prompted by a 23 percent increase in the volume of dollars traded in the I&E window. The window recorded a turnover of $223.38 million yesterday, indicating a $42.28 million increase from $181.01million recorded on Monday.

The naira also appreciated by N1 to N362 per dollar yesterday from N363 per dollar on Monday in the parallel market.


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