Naira appreciates to N360.31 at I&E

The Naira, yesterday, appreciated to N360.31 per dollar in the Investor and Exporter (I&E) window, while the volume of dollars traded dropped by 7 per cent.

Data from the Financial Market Dealers Quote (FMDQ) showed that indicative exchange rate for the I & E window, known as Nigerian Autonomous Foreign Exchange, NAFEX, rose to N360.31 per dollar, yesterday, from N360.93 per dollar on Wednesday, translating to a 62 kobo appreciation of the naira. Meanwhile, the volume of dollars traded declined by 48 per cent to $171.01 million yesterday from $329.97 million traded on Wednesday. Vanguard investigation however revealed that naira remained stable at N363 per dollar in the parallel market for the fourth consecutive day.