By Adaeze Okechukwu
The Naira, yesterday, appreciated for the first time this week by 57 kobo to N359.81 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, dropped to N359.81 per dollar, yesterday, from N360.38 per dollar on Tuesday, translating to 57 kobo gain in the naira.
The appreciation was in spite of the 28 percent decrease in the volume of dollars traded in the I&E window. The turnover in the window yesterday dropped to $242.92 million from $339.13 million recorded on Tuesday.
Vanguard investigation revealed that naira yesterday depreciated by N1 to N363 per dollar from N362 on Tuesday in the parallel market.