Home Business Naira depreciates 0.22% against dollar in Investors’ Forex Window

Naira depreciates 0.22% against dollar in Investors’ Forex Window

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The Naira was slightly devalued against the Dollar at the Investors’ & Exporters’ Foreign Exchange Window FX window, losing 0.22 per cent to exchange $/ N363.61 on Monday.

At the I&E FX segment of the forex segment, a total of $128.04mn was traded in 273 deals, with rates ranging between $/N351.00-$/N365.30.

On the other, at the Interbank, the Naira/USD Spot rate depreciated marginally by 0.02 per cent to $/N306.40 (spot), while the SMIS rate remained unchanged at $/N361.34.

The local currency at the parallel market, the cash rate and transfer rates also depreciated by 20k each to $/N359.70 and $/N363.00 respectively.