The Naira yesterday depreciated by 45 kobo to N361.22 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 I&E window rose to N361.22 per dollar, yesterday, from N360.77 per dollar on Wednesday, translating to 45 kobo appreciation of the naira against the dollar.
The depreciation was in spite 76 percent increase in the volume of dollars (turnover) traded in the window yesterday. The window yesterday recorded a turnover of $202.47 million down from $114.89 million recorded on Wednesday.
Meanwhile, the naira remained stable at N363 per dollar at the parallel market yesterday.Read Full Story