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Naira depreciates to N360.09/$, I&E turnover surges by 333%

By Adaeze Okechukwu
The Naira commenced the week with a 23 kobo appreciation to N360.09 per dollar, as the Investors and Exporters (I&E) window recorded a 332 percent increase in turnover.

Data from the FinFMDQ showed that the indicative exchange rate for the I&E window dropped to N360.09 per dollar, yesterday, from N360.32 per dollar on Friday last week, translating to a 23 kobo gain for the naira.

This appreciation was buoyed  by the 332  percent increase in the volume of dollars traded in the I&E window. The window yesterday recorded turnover of $335.11 million, up  from $77.57million recorded  Friday last week.

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

 


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