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Naira depreciates to N360.21/$ in I&E

By Adaeze Okechukwu
The naira Monday commenced the week with a 32 kobo depreciation to N360.33 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 window rose to N360.33 per dollar yesterday, from N360.01 per dollar on Friday last week , indicating 32 kobo depreciation of the naira.

The depreciation was occasioned by a 16 percent decline in the volume of turnover recorded I&E window yesterday. The transactions in the window stood at $217.15 million, down from  $259.03  million recorded on Friday last week.

Meanwhile, naira remained stable at N362 per dollar Monday for the eleventh consecutive business day in the parallel market.


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