Naira appreciates to N359.38/$ as I&E records $26bn turnover in 2017

The naira Tuesday recorded its biggest daily appreciation of N1.76 in the Investors and Exporters (I&E) window. Data from the Financial Market Dealers Quote (FMDQ) revealed that the indicative exchange rate for the window dropped to N359.38 per dollar yesterday from N361.14 per dollar on Monday. The appreciation was driven by 304 per cent increase in dollars traded in the window which rose to $340.63 million yesterday from $84.28 million on Monday. Data from FMDQ also showed that the I&E recorded $26 billion  turnover  in 2017. The naira however remained stable at N363 per dollar in the parallel market yesterday