Naira Down To N360.54/$

Naira Down To N360.54/$

By Tunde Osho

The naira depreciated to N360.54 per dollar in the Investors and Exporters (I&E) window yesterday.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window, known as Nigerian Autonomous Foreign Exchange, NAFEX, rose to N360.54 per dollar yesterday from N360.25 per dollar, on Wednesday, translating to a 29 kobo loss in the value of naira.

Meanwhile the volume of dollars traded rose by 11 percent to $342.17 million percent   yesterday to from$306.70 million on Thursday.

The naira however, stabilized at N364 per dollar in the parallel market.