Naira Depreciates Further Against Dollar

The Nigerian naira suffered yet another biggest daily depreciation in the Investors and Exporters (I&E) Window as it depreciated by 66 kobo to N361.91 per dollar, triggered by an 86 percent decrease in dollar supply.

Data from the Financial Market Dealers Quote (FMDQ) revealed that the indicative exchange rate for the window rose to N361.91 per dollar on Wednesday from N360.25 per dollar on Tuesday.

Meanwhile, the amount of dollars traded in the window dropped significantly by 86 percent to $116.3 million from $856.45 million traded on Tuesday.

This prompted the 66 kobo depreciation in the naira. Further Investigations revealed that naira in the parallel market, remained relatively stable at N365 per dollar for the fourth consecutive business day.

myfinancialintelligence.com