Naira up to N361/$ in parallel market

The Naira, yesterday, depreciated to N361 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 N361 per dollar from N360 per dollar last week Friday, indicating one naira depreciation of the naira. However, the naira yesterday, appreciated to N363.92 per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded declined by 79 percent. Data from FMDQ showed that the indicative exchange rate for the window dropped to N363.92 per dollar yesterday from N364.12 per dollar last week Friday, translating to 20 kobo appreciation of the naira. The volume of dollars (turnover) traded on the window yesterday rose by 79 percent to $61.25 million from $295.08 million last week Friday.

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