Naira Depreciates To N361 As NAFEX Records $146m

Nigerian Currency

THE naira on Wednesday, depreciated to N361 per dollar in the Investors and Exporters (I&E) window as the volume of dollars traded rose to $146.09 million.

Data from Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window, known as Nigeria Autonomous Foreign Exchange (NAFEX), rose to N361 per dollar from N359.6 per dollar on Tuesday. This translated to depreciation of N1.40 for the naira. The nation’s currency however remained stable at N370 in the parallel market.

Further analysis revealed that the volume of dollars traded in the I&E window rose by 46 per cent to $146.09 million yesterday from $100.29 million on Tuesday. Thus $411.67 million have been traded in the window this week.

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