BREAKING NEWS: Again, Naira depreciates on Tuesday. See The News Exchange Rate

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The naira yesterday depreciated to N363.57 per dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEX) window. Data from the Financial Market Dealers Quote (FMDQ), showed that the indicative exchange rate for the NAFEX window rose from N362.21 per dollar on Monday to close at N363.57 per dollar, indicating N1.63 depreciation for the naira in contrast to the 50 kobo appreciation recorded on Monday. 

The naira however remained stable at N367 per dollar in the parallel market yesterday, while the Central Bank of Nigeria (CBN) sold $20,000 to each of the 3,145 bureaux de change (BDCs) across the country.

This complements the $195 million injected by the apex bank into the interbank market on Monday.

Source: (VANGUARD)

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