Breaking News

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.


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