Naira down at N359.5/$ in parallel market

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The Naira, yesterday, depreciated to N359.5 per dollar in the parallel market. According to  naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange rose to N359.5 per dollar from N359 per dollar on Monday, indicating 50 kobo depreciation of the naira.

Similarly, the naira ,yesterday, depreciated slightly by 19 kobo in the Investors and Exporters (I&E) window even as the volume of dollars traded rose by 158 percent.

Data from FMDQ showed that the indicative exchange rate for the window rose to N365.87 per dollar yesterday from N365.87 per dollar on Monday, translating to 19 kobo depreciation of the naira.

The volume of dollars traded on the window yesterday rose marginally by 158 percent to $292.45 million from $113.23 million traded on Monday.




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