By Adaeze Okechukwu
The naira yesterday depreciated by 30 kobo to N360.45 per dollar, in the Investors and Exporters (I&E) window, even as the window recorded 236 percent upsurge in its turnover.
Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window rose to N360.45 per dollar yesterday, from N360.15 per dollar on Wednesday, translating to a 30 kobo loss in the value of naira.
This depreciation was in spite of the 236 percent increase in the volume of dollars traded in the I&E window yesterday. The window recorded turnover recorded of $572.1 million, an upsurge from $170.21 million on Wednesday.
Vanguard investigation revealed that naira remained stable at N362 per dollar yesterday for the tenth consecutive business day in the parallel market.