The naira, yesterday, depreciated to N360.70 in the Investor and Exporter (I&E) Foreign Exchange, forex Window.
The indicative exchange rate for the I & E forex Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, depreciated further to N360. 70 per dollar, yesterday, from Tuesday’s market rate which stood at N360.27 per dollar.
This indicates a 43 kobo drop in the value of the naira. Meanwhile, the volume of dollars traded in the window, yesterday, was $299.80 million from $86.99 million exchanged on Tuesday. This indicates a 244.6 per cent increase in the volume of dollars traded in the market. The parallel market rate for the naira was exchanged at N363 per dollar and has remained stable for over two weeks.