Naira Appreciates To N360.43/$ in I&E as External Reserves Gain $664m

The naira Thursday appreciated to N360.43 per dollar in the Investors and Exporters (I&E) window, even as the nation’s external reserves recorded $664 million increase in the first ten days of the year.

Vanguard analysis of external reserves data on Central Bank of Nigeria (CBN) website showed that the external reserve rose to $39.429 billion on Wednesday January 10th from $38.765 billion on December 29th last year.

Meanwhile, data from the Financial Market Dealers Quote (FMDQ) showed the naira appreciated by 30 kobo as the indicative exchange rate for the I&E window fell to N360.43 per dollar, yesterday, from N360.73 per dollar on Wednesday, indicating a 30 kobo appreciation of the naira.

The appreciation was prompted by 48 per cent increase in the volume of dollars traded, which rose

to $433.13 million from $292.42 million traded on Wednesday.

The naira however remained stable at N363 per dollar in the parallel market.