Naira devalues further to N360.39/$ at NAFEX

The naira, Tuesday, deteriorated further to N360. 39 for each dollar in the Investor and Exporter (I&E) Foreign Exchange Window.

Information from the Financial Market Dealers Quote, FMDQ, demonstrated that the characteristic conversion scale for the I and E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, declined to N360.39 per dollar, Tuesday, from Monday's end rate which remained at N360.013 per dollar, along these lines, showing a 26 kobo devaluation of the Naira.

In the interim, the volume of dollars exchanged the window, Tuesday, stayed unaltered at $146.06 million from the Monday's exchanges. The parallel market rate, yesterday, still balanced out at N363 per dollar. In another improvement, Nigerian overnight loaning rates were cited around 120 for every penny on Tuesday after a court requested a stop on a huge number of financial balances with deficient character reports and the national bank sold treasury securities to fix liquidity, dealers said.