Nigerian currency Naira started the week with a 10 kobo depreciation to N360.51 per dollar, in the Investors and Exporters (I&E) window of the foreign exchange market.
Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window rose to N360.51per dollar, on Monday, April 30, from N360.41per dollar on Friday last week, translating to a 10 kobo loss in the naira.
This depreciation was in spite of the 112 per cent increase in the volume of dollars traded in the I&E window.
The window yesterday recorded turnover of$362.52 million, up from $170.61 million recorded Friday last week.
It was also gathered that the local currency, yesterday, appreciated by N1 to N362 per dollar, after two weeks of relative stability at N363 per dollar in the parallel market.
The post How Nigeria’s Naira Fared Against US Dollar (April 30) appeared first on 360Nobs.com.
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