Naira depreciates to N360.95/$ in I&E window

The Naira, yesterday, depreciated by 17 kobo  to N360.95 per dollar in the Investors and Exporters (I&E) window. Data from FMDQ showed that the indicative exchange rate for the I&E window rose to N360.95 per dollar from N360.78 per dollar on Tuesday, translating to 17 kobo depreciation for the naira. 

The depreciation was as a result of the 67 percent decline in the volume of dollars traded (turnover) in the window yesterday. According to FMDQ, turnover declined to $195.37 million yesterday from $592.31 million recorded on Tuesday. However, the naira appreciated by 50 kobo in the parallel market yesterday. 

According to, the live exchange rate platform of the Association of Bureaux De Change Operators (ABCON), the parallel market exchange rate dropped to N361 per dollar yesterday from N361.5 per dollar on Tuesday, indicating 50 kobo appreciation for the naira.