By Adaeze Okechukwu
The naira yesterday depreciated for the third time this week by 77 kobo to N361 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 known as Nigerian Autonomous Foreign Exchange, NAFEX, rose toN361 per dollar yesterday, from N360.23 per dollar on Tuesday, translating to a 77 kobo loss in the value of the naira.
The depreciation was in spite of the 36 percent increase in the volume of dollars traded in the I&E window yesterday. The transactions in the window stood at $387.79 million, up from $285.82 million recorded Tuesday.
Vanguard investigation revealed that naira remained stable at N362 per dollar yesterday for the seventh consecutive business day in the parallel market.