Naira devalues 0.09% to $/N361.10 at I&E Forex Window

The Naira depreciated by 0.09 per cent to N361.10 per Dollar at the Investors and Exporters (I&E) FX window on Monday.

The local had opened at N360.67, traded high at N361.50 and eventually closed at N361.10 representing a 0.09 per cent depreciation as against last Friday’s closing position.

A total of $95.04 million was transacted through the I&E window, while  the market turnover rose by 70 per cent to $161 million.

At the interbank, the Naira/USD rate fell by 5k to N306.95/$ (spot), with SMIS rate also lower by 2k to N357.70/$.

The Cash rate dipped by 40k to N358.10/$, while the transfer rate remained stable at N361.50/$ at the parallel market.