Naira appreciates to N361.91/$

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The Naira, yesterday, appreciated slightly by nine kobo to N361.91 per dollar in the Investors and Exporters (I&E) window due to 30 percent increase in the volume of dollars traded.

Data from FMDQ showed that the indicative exchange rate for the window dropped to N361.91 per dollar on Tuesday from N362 per dollar on Monday, indicating nine kobo appreciation of the naira.

On the other hand, the volume of dollar traded in the window yesterday rose by 30 percent to $138.80 million from $106.46 million traded on Monday. Similarly, the naira appreciated by 50 kobo to N358 per dollar in the parallel market yesterday. According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange dropped to N358 per dollar from N358.5 per dollar on Monday, indicating 50 kobo appreciation of the naira.

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