Breaking News

Naira down to N360.40/$ at I&E

By Adaeze Okechukwu

The Naira yesterday depreciated for the first time this week to N360.40 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 rose to N360.40 per dollar, yesterday, from N360.25 per dollar on Tuesday, indicating a 15 kobo loss in the value of naira.

The depreciation was prompted by a 13 percent decrease in the volume of dollars traded in the I&E window. The window recorded a turnover of $195.23 million yesterday, indicating a $28.15 million decrease from $223.38 million recorded on Tuesday.

Meanwhile, the Naira remained stable at  N362 per dollar yesterday in the parallel market.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.