By Adaeze Okechukwu
The naira, yesterday, appreciated by 38 kobo to N360.27 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window, even as the external reserves recorded a $123.8 million increase in nine days.
Data from the Financial Market Dealers Quote, FMDQ, showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, appreciated to N360.27 per dollar, yesterday, from N360.65 per dollar on Wednesday, translating to a 38 kobo increase in the value of Naira.
Meanwhile, the volume of dollars traded in the window, dropped by $19.39 million to $214.84 million, yesterday, from $234.23 million traded the preceding day.
Vanguard analysis further revealed that the external reserves increased by $123.8 million to $34.4 billion, compared to $34.3 billion recorded last week Tuesday.
About Article Author