Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E also known as Nigerian Autonomous Foreign Exchange, NAFEX, dropped to N359.81 per dollar, yesterday, from N360.38 per dollar on Tuesday, translating to 57 kobo gain in the naira.
The appreciation was in spite of the 28 percent decrease in the volume of dollars traded in the I&E window. The turnover in the window yesterday dropped to $242.92 million from $339.13 million recorded on Tuesday.
An investigation revealed that naira yesterday depreciated by N1 to N363 per dollar from N362 on Tuesday in the parallel market.
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