Naira Depreciates to 360.75/$ at NAFEX

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Nigerian Central Bank, Abuja, Nigeria.

The Naira, yesterday, depreciated to N360.52 per dollar in the Investors and Exporters (I&E) Foreign Exchange, forex Window.

Data from the Financial Market Dealers Quote, FMDQ, showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX,  dropped  to N 360.75 per dollar, yesterday, from  Friday’s rate   which  stood  at N360.21 per dollar. This indicates a 54 kobo depreciation of the Naira.

Meanwhile, the volume of dollars traded in the I & E forex Window yesterday stood at $268. 18 million. Meanwhile, in the parallel market the naira rose to N364 per dollar from N363 per dollar exchanged last week Friday.

Meanwhile, the Central Bank of Nigeria (CBN), yesterday continued to maintain liquidity in the Forex market by injecting $195 million in the the Nigerian inter-bank foreign exchange market.