Naira appreciates to N360.12/$; reserves up by 1bn

The naira Thursday recorded the highest daily gain of 17 kobo appreciating to N360.12 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market, even as the external reserves increased by $1.03 billion in one week.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window dropped to N360.13 per dollar from N360.37 per dollar on Wednesday, translating to 24 kobo appreciation for the naira.

This for the fourth consecutive day this week was in spite of 55 percent decline in the transactions recorded in the I&E window. $155.96 million was traded in the window yesterday, down from $348.64 million on Wednesday
Vanguard analysis of the data from the Central Bank of Nigeria, CBN showed that the external reserves rose to $45.36 billion on Wednesday from $44.33 billion recorded during the corresponding day last week, indicating a $1.03 billion increase in foreign reserves week-on-week.

Vanguard investigation revealed that naira remained stable at N363 per dollar in the parallel market since Monday this week.

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