Naira down to N359.5/$ in parallel market

Yesterday, the Naira depreciated to N359.5 per dollar on the parallel market.

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), rose to N359.5 per dollar against 359 per dollar on Monday, indicating a depreciation of 50 kobo of the naira.

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

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 per cent to $292.45 million from $113.23 million traded on Monday.

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