Naira Appreciates to N360.97

Naira Appreciates to N360.97

The Naira yesterday appreciated by 105 kobo to N362.97 per dollar in the Investors and Exporters (I&E) window even as volume of dollars traded ros

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The Naira yesterday appreciated by 105 kobo to N362.97 per dollar in the Investors and Exporters (I&E) window even as volume of dollars traded rose by 11 percent.

Data from FMDQ showed that the indicative exchange rate for the I&E window dropped to N360.97 per dollar yesterday from N362.02 per dollar on Wednesday, translating to 105 kobo appreciation for the naira. The appreciation, the biggest in three weeks, was prompted by 11 percent increase in volume of dollars traded (turnover) which rose to $ 634.05 million yesterday from $570.81 million on Wednesday.

Investigations revealed that the increased volume followed intervention of the CBN in the window yesterday. Similarly, the naira appreciated by N1 in the parallel market yesterday as demand for dollars weakened in response to dollar sale by CBN to bureaux de change (BDCs).

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators (ABCON), the parallel market exchange rate dropped to N362 per dollar yesterday from N363 per dollar on Wednesday, indicating N1 appreciation for the naira.

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