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.