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to n362 naira appreciates 8 nafex

Naira Appreciates To N362.8 In Nafex
By Babajide Komolafe
The naira yesterday appreciated to N362.8 per dollar in
the Nigeria Autonomous Foreign Exchange Market
(NAFEX) in response to increased supply.
According to the Financial Market Dealers Quote (FMDQ),
the indicative exchange rate for the window, which is
also known as the Investors and Exporters window,
dropped to N362.8 per dollar yesterday from N366.25 per
dollar on Wednesday, translating to N3.45 appreciation
of the naira.
The depreciation was driven by increased dollar supply
into the market as reflected by the volume of
transactions which rose to $120.57 yesterday from
$35.64 million on Wednesday
The naira however remained stable in the parallel market
yesterday as the exchange rate closed at

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