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.
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.