Naira depreciates to N369.5/$ in NAFEX

The naira yesterday depreciated to N369.5 per dollar in the Investors and Exporters (I&E) window in spite of increased dollar supply.

Naira

Data from the Financial Market Dealers Quote (FMDQ) showed that the volume of dollars traded in the window rose by 128 per cent yesterday to $182.03 million from $79.76 million on Monday.
Nevertheless, the indicative exchange rate rose to N369.5 per dollar from N367.3 per dollar on Monday, translating to N2.2 depreciation for the naira.
Consequently, the naira has depreciated by N3.13 in the I&E window this week.
However, the naira appreciated by N2 in the parallel market yesterday, as the market exchange rate dropped to N365 per dollar yesterday from N367 per dollar on Monday.