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Naira Suffers Setback Against The Dollar

Posted by George on Fri 06th Apr, 2018 - tori.ng

The local currency, naira is still struggling in the financial market amid efforts by the apex bank, Central Bank of Nigeria to stabilize the value.

File Photo

The Naira, Thursday, depreciated by 30 kobo to close at N360.45 per dollar, in the Investors and Exporters (I&E) window.

This is just as the window recorded 236 percent upsurge in its turnover. Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window rose to N360.45 per dollar yesterday, from N360.15 per dollar on Wednesday, translating to a 30 kobo loss in the value of naira.

This depreciation was in spite of the 236 percent increase in the volume of dollars traded in the I&E window yesterday.

Report says the window recorded turnover of $572.1 million, an upsurge from $170.21 million on Wednesday.