By Elizabeth Adegbesan
The Naira, yesterday, depreciated by 27 kobo to   N361.12 per dollar in the Investors and Exporters (I&E) window where the volume of dollars traded stood at $242.69 million.

Naira

Data from FMDQ showed that the indicative exchange rate for the I&E window rose to N361.12 per dollar from N360.85 per dollar last week Friday, translating to 27 kobo depreciation for the naira.

However, the naira appreciated by N1 in the parallel market.

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators (ABCON), the parallel market exchange rate dropped to N362 per dollar yesterday from N363 per dollar on Wednesday, indicating N1 appreciation for the naira.

Meanwhile, the Central Bank of Nigeria (CBN) also yesterday approved a N3.00 positive trade margin to operators of bureaux de change (BDCs) in the country, who are now to buy the dollar from the CBN at N357 per dollar and sell at N360.

Speaking to journalists in Abuja, Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said the decision was aimed at giving BDCs a level playing field to enable them compete favourably with other authorized foreign exchange dealers.