Naira depreciates to N360.54/$ in I&E window

By Adaeze Okechukwu 

The Naira commenced the week with 12 kobo depreciation to N360.54 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market. Naira Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window rose  to N360.54 per dollar, yesterday, from N360.42 per dollar on Friday last week, translating to 12 kobo loss in the value of naira. 

The depreciation was occasioned  by a 3  percent marginal decrease  in the volume of dollars traded in the I&E window. The window yesterday had a turnover of  $217.57  million, down   from  $223.78  million recorded on Friday last week. Vanguard investigation revealed that naira yesterday remained stable at N363 per dollar for the seventh consecutive day in the parallel market.