Forex Watch: Drop In Volume Of Traded Dollars Triggers Naira Depreciation

 

The naira has depreciated by 15 kobo to N360.31 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window also known as Nigerian Autonomous Foreign Exchange (NAFEX) rose to N360.31 per dollar, on Thursday from N360.16 per dollar on Wednesday, translating to 15 kobo loss in the value of naira.

The depreciation was  triggered by 63  percent decline in the volume of dollars traded in the I&E window. The window on Thursday recorded a turnover of  $134.62 million, down from $361.48  million  recorded on Wednesday.

However, the naira remained stable at N363 per dollar for the fifth consecutive day in the parallel market.

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