Home Business Naira depreciates to five months low of $/N362.39 at Investors’ forex window

Naira depreciates to five months low of $/N362.39 at Investors’ forex window

July 30, 2019

By FELIX OLOYEDE

The Naira depreciated by 0.14 per cent to N362.39 against the Dollar at the Investors and Exporters (I&E) foreign exchange window on Tuesday, lowest in five months.

The local currency opened at $/N361.50, traded high at $/N363.20 and eventually closed at $/N362.39 at the I&E forex window.

Investors exchanged a total of $171.89 million through the I&E window today as market turnover dipped further by 54 per cent to $79 million.
At the interbank, the Naira/USD rate remained stable at N306.85/$ (spot) and N357.68/$ (SMIS).

The cash and transfer rates remained stable at N357.50/$ and N362.00/$ respectively at the parallel market.