In what seems like a normal trend, the Naira, yesterday on the Investors’ and Exporters’ window of the foreign exchange market, depreciated further to N361.36 per dollar, showing a 22 kobo depreciation.
Data from the Financial Markets Dealers Quote (FMDQ) showed the indicative exchange rate for the Investors’ and Exporters’ window rose from N361.14 per dollar recorded on Wednesday to N361.36 per dollar yesterday.
This depreciation was triggered by a decline of 67% in the volume of dollars traded in the I&E window. Generally, transactions were down from $500.37million traded on Wednesday to $181.57 million yesterday.
On the parallel market, exchange rate fell to N361.5 from N362.5 per dollar traded on Wednesday, according to www.naijabdcs.com, the official exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON).
Photo Credit: Guardian
