CBN depreciates naira to N410.25

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The Central Bank of Nigeria depreciated the naira yesterday by N16.25 kobo depreciated in the Investors and Exporters (I&E) window.

This represents the third and biggest daily depreciation of the naira since 2017.

Recall, the indicative exchange rate for the window jumped to N374 per dollar at the close of business from N368.33 per dollar on 11th of March 2020, translating to N5.67 depreciation for the naira.

Similarly, last month, CBN depreciated the naira by N7.75 in the window, as the FMDQ platform, showed that the I&E window rose to N393/$ at the close of business from N385.5/$ November 24 2020.

Data from FMDQ showed that the indicative exchange rate for the window rose to N410.25 per dollar from N394 per dollar on Wednesday, indicating N16.25 kobo depreciation of the naira.

However, the volume of dollars (turnover) traded in the window rose by 43 percent to $235.75 million from $164.81 million on Wednesday.

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