The Nigerian currency, naira, on Wednesday suffered yet another biggest daily depreciation in the Investors and Exporters (I&E) Window as it depreciated by 66 kobo to N361.91 per dollar, triggered by an 86 percent decrease in dollar supply.
According to data from the Financial Market Dealers Quote (FMDQ), the indicative exchange rate for the window rose to N361.91 per dollar yesterday from N360.25 per dollar on Tuesday.
Meanwhile, the amount of dollars traded in the window dropped significantly by 86 percent to $116.3 million from $856.45 million traded on Tuesday.
This prompted the 66 kobo depreciation in the naira.
In the parallel market, the local currency remained relatively stable at N365 per dollar for the fourth consecutive business day.
360nobs had reported on Tuesday that the local currency depreciated marginally by 0.55 per cent at the parallel market week-on-week to close at N365 against the US Dollar on Friday, despite the frequent interventions by the Central Bank of Nigeria (CBN).