Naira depreciates further by 0.02% to $/N360.47 at Investors FX Window

The Naira further depreciated by 0.02 per cent to $/N360.47 on Thursday at the Investors and Exporters (I&E) foreign exchange window.

At the I&E Forex Window, the local currency opened against the Dollar at N360.13, traded high at N361.50 and eventually closed at N360.47, representing a 0.02 per cent depreciation against yesterday’s closing position.

A total of $129.18 million was transacted through the I&E window as the market turnover rebounded strongly to $700 million due to renewed Foreign Portfolio Investment (FPI) inflows chasing the OMO offering by the Central Bank of Nigeria (CBN).

The cash and transfer rates at the parallel market however remained unchanged at N357.80/$ and N364.00/$ respectively.

Meanwhile,  the Naira/USD rate remained unchanged at N305.90/$ (Spot) and N356.92/$ (SMIS) at the Interbank market.