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Naira depreciates to N360.06/$ in I&E

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By Adaeze Okechukwu
The naira yesterday commenced the week with a 6 kobo depreciation to N360.06 per dollar, in the Investors and Exporters (I&E) window.

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 to N360.06 per dollar yesterday, from N360 per dollar last week Friday, indicating a 6 kobo loss in the value of naira.

The depreciation was in spite of the $17.74 million increase in the volume of dollars traded in the I&E window yesterday. The transactions in the window stood at $277.01 million, up from $259.27 million recorded last week Friday.

Meanwhile, naira remained stable at N362 per dollar yesterday for the fifth consecutive business day in the parallel market.

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