The naira yesterday depreciated to N363 per dollar in the Investors and Exporters (I&E) Window as the volume of dollars traded dropped slightly by 28 percent. Data from FMDQ showed that the indicative exchange rate for the window rose to N363per dollar yesterday from N362.35 per dollar last week Friday, indicating 65 kobo depreciation of the Naira.
The volume of dollars traded on the window yesterday dropped by 28 percent to $431.39 million from $601.64 million traded Last week Friday.
Similarly, the Naira yesterday, depreciated by 90 kobo in the parallel market. According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators (ABCON), the parallel market exchange dropped to N359.2 per dollar from N358.3 last week Friday, translating to 90 kobo depreciation of the Naira.
(Vanguard)
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