The Naira on Monday depreciated by 16 per cent to N770.38 per dollar in the Investors and Exporters (I&E) window following a surge in demand for dollars. Data from the FMDQ showed that the indicative exchange rate for the window rose to N770.38 5 per dollar from N663.04 per dollar last week Friday, indicating N107.34 depreciation for the naira.
But in the parallel market, yesterday, the naira appreciated from N4 to N755 per dollar from N759 per dollar last week. Consequently, the I&E exchange rate surpassed the parallel market exchange rate for the first time since 2019.
