The Naira yesterday depreciated for the first time this week to N360.40 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.

Naira & Dollar
Naira & Dollar

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E rose to N360.40 per dollar, yesterday, from N360.25 per dollar on Tuesday, indicating a 15 kobo loss in the value of naira.

The depreciation was prompted by a 13 percent decrease in the volume of dollars traded in the I&E window. The window recorded a turnover of $195.23 million yesterday, indicating a $28.15 million decrease from $223.38 million recorded on Tuesday.

Meanwhile, the Naira remained stable at  N362 per dollar yesterday in the parallel market.

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