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Naira depreciates further to N361/$ in I&E

By Adaeze Okechukwu
The naira yesterday depreciated for the third time this week by 77 kobo to N361 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 window known as Nigerian Autonomous Foreign Exchange, NAFEX, rose toN361  per dollar yesterday, from N360.23 per dollar on Tuesday, translating to a 77 kobo loss in the value of  the naira.

The depreciation was in spite of the 36 percent increase in the volume of dollars traded in the I&E window yesterday. The transactions in the window stood at $387.79 million, up from $285.82 million recorded Tuesday.

Vanguard investigation revealed that naira remained stable at N362 per dollar yesterday for the seventh consecutive business day in the parallel market.


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