The Naira, on the 8th of August, 2018 appreciated to N362.08 in the Investors and Exporters (I&E) window despite the 49% decline in volume of Dollars traded. Data from FMDQ showed that the indicative exchange rate for the window dropped to N362.08 per Dollar on the 8th of August, 2018 from N362.30 per Dollar on Tuesday, 7th of August, 2018, indicating 22 kobo appreciation of the Naira.
The volume of Dollars traded in the window yesterday, however, declined by 49 percent to $146.85 Million from $288.21 Million on Tuesday. On the other hand, the Naira yesterday depreciated by 10 kobo to N358.4 per Dollar in the parallel market.
According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators (ABCON), the parallel market exchange rose to N358.4 per Dollar from N358.3 on Tuesday, translating to 10 kobo depreciation of the Naira.