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Naira depreciates further to N361/$ in I&E

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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.

Naira
liquidity

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.

The post Naira depreciates further to N361/$ in I&E appeared first on Vanguard News.

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