Naira depreciates as NAFEX records $178.5m

The naira yesterday depreciated marginally to N359.7 per dollar in the investors and Exporters (I&E) window while the $178.5 million was traded.

Data from the Financial Market Dealers Quote (FMDQ) showed that the   indicative exchange rate for the I&E window, known as Nigeria Autonomous Foreign Exchange (NAFEX) rose to N359.7 per dollar yesterday from N359.39 on Wednesday. This translated to 37 kobo depreciation for the naira. The naira however remained stable at N365 per dollar in the parallel market.

Meanwhile the volume of dollars traded in the I&E window rose by 78 per cent yesterday to $178.51 million from $100.39 million the previous day.

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