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Naira depreciates to N359.88/$ in I&E window

By Adaeze Okechukwu
The naira yesterday depreciated by 7 kobo to N359.88 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 also known as   Nigerian Autonomous Foreign Exchange,  NAFEX, rose  to N359.88 per dollar, yesterday, from N359.81 per dollar on Wednesday, translating to a 7 kobo loss in the value of naira.

The depreciation was in spite of the 22 percent increase  in the volume of dollars traded in the I&E window. The turnover in the window yesterday increased to  $295.66  million from$242.92  million recorded on Wednesday.

Vanguard investigation revealed that naira yesterday remained stable at N363 per dollar in the parallel market.


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