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Naira gains 38kobo as reserves increase by $123.8M





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.

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Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design &development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

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