Naira Depreciates To N362.53 /$ In I&E Window

The naira yesterday depreciated to N362.53 per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded declined by 17 percent.

Data from FMDQ showed that the indicative exchange rate for the window rose to N362.53 per dollar yesterday from N362.25 per dollar on Wednesday, indicating 28 kobo depreciation of the naira.

However, the volume of dollars (turnover) traded in the window yesterday dropped by 17 percent to $107.32 million from $128.52 million traded on Wednesday. On the other hand, the naira yesterday was stable at N359 per dollar in the parallel market.