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Naira appreciates to N360.17/$ in I&E

By Adaeze Okechukwu
The Naira Wednesday appreciated for the first time this week by 28 kobo to N360.17 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 fell to N360.17 per dollar, from N360.45 per dollar on Tuesday, indicating a 28 kobo appreciation of the naira.

The appreciation was prompted by a marginal increase in the volume of dollars traded in the I&E window. The turnover in the window rose by $1.07 million to $120.43 million yesterday from $119.36million recorded on Tuesday.

Vanguard investigation revealed that naira remained stable at N362 in the parallel market for the fourth consecutive business day.


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