Naira Continue to depreciate as it expect to be N365/$

The Naira is set to depreciate to N365 per dollar in the Investors and Exporters (I&E) window before the end of the year following rising demand for dollars which is expected to intensify this week.

According to Financial Vanguard analysis Last week the naira continued its downward trend, depreciating by 57 kobo in the I&E window. Data from FMDQ showed that the indicative exchange rate for the window rose for the fifth consecutive weeks to N364.06 per dollar last week from N363.47 per dollar the previous week. This translated to 57 kobo depreciation for the naira as well as its biggest week-on-week depreciation since the first week of August.

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