Naira depreciates to N361.12/$


Data from FMDQ showed that the indicative exchange rate for the I&E window rose to N361.12 per dollar from N360.85 per dollar last week Friday, translating to 27 kobo depreciation for the naira.

However, the naira appreciated by N1 in the parallel market.

Speaking to journalists in Abuja, Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said the decision was aimed at giving BDCs a level playing field to enable them compete favourably with other authorized foreign exchange dealers.

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