Naira depreciates to 360.73/$ in I&E

The naira Wednesday depreciated to N360.73 per  dollar for the first time this week in the  Investor and Exporter window, prompted by a 16 percent decrease in dollar supply.

Data from the Financial Market Dealers Quote (FMDQ) showed that indicative exchange rate for the window, known as Nigerian Autonomous Foreign Exchange, NAFEX, rose to N360.73 per dollar, today, from N359.38 per dollar on Tuesday- translating to a N1.35 loss in the value of naira.

Meanwhile, the volume of dollars traded in the widow decreased by  16 percent  to $292.42 million from $340.63 million traded on Tuesday. Vanguard investigation however revealed that naira  remained stable at  N363 in the parallel market for the third consecutive day this week.

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