Naira drops by one kobo in FOREX market
NEWS DIGEST – Tuesday witnessed the week with a marginal depreciation of Naira as 1 dollar goes for N360.21 in the Investors and Exporters (I&E) window of the foreign exchange market. This against the N360.20 rate last Thursday.
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In the Data provided by the Financial Market Dealers Quote (FMDQ), exchange rate for the I&E window rose to N360.21 per dollar yesterday, from N360.20 per dollar last Thursday, reflecting one kobo depreciation for the Naira.
The depreciation was in spite of the five per cent increase in volume of dollars traded in the I&E window yesterday. The transactions in the window stood at $283.04 million, up from $270.04 million recorded last week Thursday.
However, for the past 5 months, the Naira value has been fluctuating between N360 and N362 in the parallel market. Naira appreciates to N360.21/$ in I&E February 7, 2018 Naira down to 360.75/$ at NAFEX October 17, 2017 Naira depreciates to N360.06/$ in I&E March 27, 2018.
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