Naira Loses 30 Kobo, I&E Turnover Surges By 236%


The naira on Thursday continued its losing streak that began last week as it depreciated by 30 kobo to close at N360.45 to the dollar in the Investors and Exporters (I&E) window, even as the window recorded 236 percent upsurge in its turnover.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the  I&E  window rose to N360.45  per dollar on Thursday, from N360.15 per dollar on Wednesday, translating to a 30 kobo loss in the value of naira.

This depreciation was in spite of the 236 percent increase in the volume of dollars traded in the I&E window. The window recorded turnover of $572.1 million, an upsurge from $170.21 million on Wednesday.

However, the naira remained stable at N362 per dollar on Thursday for the 10th consecutive business day in the parallel market.