Naira depreciates to N360.22/$ in I&E


By Adaeze Okechukwu
The naira Tuesday depreciated for the first time this week to N360.22 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 window rose to N360.22 per dollar, yesterday, from N360.03 per dollar on Monday.

This 19 kobo depreciation of the naira was in spite of the 36 percent increase in the volume of dollars traded in the I&E window. The window recorded a turnover of $151.55 million yesterday from $111.03 million on Monday.

Vanguard investigation revealed that naira remained stable at N363 per dollar in the parallel market for the seventh consecutive business day.

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