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Naira down marginally to N360.21/$ in I&E

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By Adaeze Okechukwu
The Naira Tuesday commenced the week with a marginal depreciation to N360.21 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 N360.21 per dollar yesterday, from N360.20 per dollar last Thursday, indicating one kobo depreciation for the Naira.

The depreciation was in spite of the five per cent increase in volume of dollars traded in the I&E window yesterday. The transactions in the window stood at $283.04 million, up from $270.04 million recorded last week Thursday.

Meanwhile, the Naira remained stable at N362 per dollar yesterday for the ninth consecutive business day in the parallel market.

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